Regulations for activities relating to E-money

If I am providing e-money or money transfer services, do I attract AML/CFT measures?


  • According to MAS (PS Act Guide)

    Payment Service Notice 01 lays out AML and CFT requirements for providers of money transfer services.
    However, a licensee does not need to comply with MAS' AML/CFT requirements if it only provides money transfer services that meet the low risk criteria for ML/TF. The low-risk criteria is set out below:

    According to MAS (Notices)
    last revised on 1 March 2022

    where the payment service provider provides a domestic money transfer service, its business only involves one or more of the following types of transactions:
    (i) payment for goods or services and where such payment is funded from an identifiable source; (ii) payment for goods or services and where the transaction value does not exceed S$20,000; or (iii) payment where such payment is funded from an identifiable source and where the transaction value does not exceed S$20,000, and where the payment service provider provides a cross-border money transfer service, its business only involves transactions that are used as payment for goods or services and are funded from an identifiable source.

    Where the payment service provider provides a cross-border money transfer service, its business only involves transactions that are used as payment for goods or services and are funded from an identifiable source.