Showing 4089 Documents for "payment services"
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- MAS
- Media Releases
Last revised date:
- Singapore, 9 March 2017… The Monetary Authority of Singapore (MAS) today announced the successful conclusion of the proof-of-concept project to conduct domestic inter-bank payments using distributed ledger technology (DLT). The project, in partnership with R3 1 and a consortium 2 of financial institutions, was first announced on 16 November 2016 by MAS. 2. The project has achieved the objectives of producing a digital representation of the Singapore dollar for interbank settlement, testing methods
- MAS
- Parliamentary Replies
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- Payment Services Act take effect. .
- Currently, stablecoins, together with other cryptocurrencies such as Bitcoin, are considered digital payment tokens (DPTs) under the Payment Services Act. The regulatory regime for DPT services under the Act primarily targets money laundering / terrorism financing and technology risks.
- Hence, services relating to DPTs that pose such risks, including dealing and facilitation of exchange, are subject to regulation The definition of DPT services will be expanded to include, for instance, the transfer of DPTs and provision of custodian wallet services for DPTs, when the amendments to the
- MAS
- Monographs/Information Papers
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- For example, MAS introduced the Payment Services in January 2020 and Act 2019 (PS Act) corresponding AML/CFT requirements to address the ML/TF risks arising from new payment services, such as digital payment token (DPT) services, given the inherent ML/TF risks posed by such
- services.5 Further amendments to the PS Act 4 This would include digital payment token service providers which MAS also regulates and supervises as FIs. 5 Given the nascent regulatory regime for the DPT sector and higher inherent ML/TF risks, MAS has required CDD to
- - Digital payment token service providers (DPTSPs)1, precious stones and metals dealers (PSMDs) and non-profit organisations (NPOs) are also susceptible to TF in Singapore, particularly in light of the more nascent regulatory regimes for PSMDs and DPTSPs.
- MAS
- Monographs/Information Papers
Last revised date:
- that may be operating or providing DPT services illegally without a licence.
- Aligned with international standards, DPT service providers in Singapore are subject to the Payment Services Act in Singapore continue this (in small relatively to TF abuse because of: (i) (PS Act) and corresponding AML/CFT regulations, which came into effect
- Known include using DPT service providers to solicit DPTs online and then transfer the DPTs through multiple hops within a short duration to a wallet address associated with extremist sites. However, is as yet, no evidence of widespread usage of DPTs18.
- MAS
- Monographs/Information Papers
Last revised date:
- Aligned with international standards, DPT service providers in Singapore are subject to the Payment Services Act in Singapore continue this (in small relatively to TF abuse because of: (i) (PS Act) and corresponding AML/CFT regulations, into effect on 28
- that may be operating or providing DPT services illegally without a licence.
- Known include using DPT service providers to solicit DPTs online and then transfer the DPTs through multiple hops within a short duration to a wallet address associated with extremist sites. However, is as yet, no evidence of widespread usage of DPTs18.
- MAS
- Consultations
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- A holder may provide mobile payment services to enable users to 2.2.5 make payments, top-up or redeem stored value. The risks associated with the use of mobile technology vary with the type of services offered and the value of transactions in such services.
- MAS
- Speeches
Last revised date:
- We have put in a strong regulatory framework in the Payment Services Bill and e-payments user protection guidelines to ensure peace of mind for users. 42 Thank you all for coming together to build Singapore’s e-payments ecosystem. ***
- New requirements under the upcoming Payment Services Bill will set minimum standards to address the range of potential risks. 29 Specifically, as we enable more non-bank players to connect to FAST, MAS expects them to adopt a mindset of open accessibility and good customer service.
- MAS
- Parliamentary Replies
Last revised date:
- A company that provides a service which involves buying, selling or facilitating the exchange of DPTs would be regulated under the Payment Services Act 2019 (PS Act).
- MAS’ regulation under the PS Act focuses on money laundering and terrorism financing risks and technology risks. It administers a rigorous licensing process to ensure that we admit DPT service providers with strong governance structures and robust controls to address these risks.
- MAS also conducts surveillance to identify unlicensed firms that illegally provide DPT services or solicit customers in Singapore. It will instruct these entities to stop offering services to Singapore residents and refer them to the Police for investigation.
- MAS
- Media Releases
Last revised date:
- Individuals who are unable to service the reduced payments under this programme should approach their lenders early to discuss alternative repayment options.
- Borrowers who are unable to service payments under the above programme should approach their banks early to discuss alternative repayment options.
- MAS
- Forms and Templates
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- All terms used in this form shall, except where expressly defined in this form or where the context otherwise requires, have the same meaning as defined in the Payment Services Act 2019 (PS Act). 4. All fields marked with an asterisk (*) are mandatory fields.
- . ___ Form for payment service providers to apply for approval to conduct money-changing and/or cross-border money transfer services at an additional place of business. Submissions must be made via the online form here . Please note that a CorpPass ID is required.
- 2019 (ACT 2 OF 2019) FORM 9 APPLICATION FOR APPROVAL TO PROVIDE MONEY-CHANGING SERVICE OR CROSS-BORDER MONEY TRANSFER SERVICE AT ANY PLACE OF BUSINESS OTHER THAN THE LICENSEES PERMANENT PLACE OF BUSINESS UNDER SECTION 14(6) OF THE PAYMENT SERVICES ACT 2019 _______________________