Regulations for all Payment Services Providers

What are the requirements for directors / controllers for licencees under the PSA?

1. The sole-proprietor, partners, or directors and shareholders, CEO and employees must satisfy the fit and proper criteria in accordance with the Guidelines on Fit and Proper Criteria. The entity and group should not have any adverse reputation, particularly with regard to financial crime.

2. MAS’ prior approval is required before acquiring 20% control of a payment services licensee.