Showing 4089 Documents for "payment services"
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- MAS
- External Publications
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FATF Paper on COVID-19-related Money Laundering and Terrorist Financing – Risks and Policy Responses- More broadly, supervisors are encouraging the full use of electronic and digital channels to continue payment services while maintaining social distancing.
- At the international level, the FATF is working with the Committee on Payment and Market Infrastructures and the World Bank to help ensure coordinated policy responses for the continued provision of critical payment services against the backdrop of the COVID-19 crisis.
- MAS
- Guidance
Last revised date:
- Digital payment token service providers, precious stone and metals dealers, and non-profit organisations were also identified as sectors that are more susceptible to TF.
- DPT risks are increased when the transactions concern jurisdictions which have yet to regulate and supervise DPT service providers.
- they offer, o Terrorists and their financiers may further exploit services such as mixers, tumblers and privacy coins to obfuscate their transaction flows. 2 https://www.mas.gov.sg/publications/monographs-or-information-paper/2022/terrorism-financing-national-risk-assessment-2020.
- MAS
- Guidance
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- MAS conducted a thematic review on banks’ operational controls in their Payments and Electronic Funds Transfer operations. This guidance sets out the key findings and recommends how banks should implement effective controls to address the operational risks. Banks should incorporate learning points from the guidance in a risk-based and proportionate manner, giving proper regard to the profile of their business activities. Banks should remain vigilant to the evolving nature and impact of payment
- MAS
- Parliamentary Replies
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- MAS is working on a new payment services regulatory framework that will address these risks. 6. A second example is fund-raising.
- MAS
- Circulars
Last revised date:
- Payment Services Act 2019 17. Securities and Futures Act 2001 18. Trust Companies Act 2005 1 The Variable Capital Companies Act 2018 is administered by ACRA but the AML/CFT obligations of variable capital companies come under the purview of MAS.
- Services Act 2019 are already referred to by their year of enactment, and therefore the short title to these two Acts remain unchanged. 2 The section numbers of the Credit Bureau Act 2016, the Insurance Act 1966 and the Financial Advisers Act 2001 have been re-numbered.
- that: (a) For instruments, documents and other communications issued by MAS before 31 December 2021, the references to names of any Act, and any Part, section or sub-section number, will continue to refer to the pre-revised version of the Acts. 1 The Credit Bureau Act 2016 and the Payment
- MAS
- Pages
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- Distributed Ledger Technology (DLT) is a type of database that is decentralised in nature, eliminating the need for an intermediary to process, validate or authenticate transactions. "The blockchain is suited for applications where it is important to know the history of ownership and transfer of value but there is no trusted central party or reliance on a central party is too costly." - The Future of Money, Finance and the Internet" - Speech by Mr Ravi Menon, Managing Director, Monetary Authority
- MAS
- Guidance
Last revised date:
- Sets out MAS’ supervisory expectations of sound practices where AML/CFT control functions are outsourced. The paper is based on inspections of capital markets intermediaries, but the takeaways are applicable to other financial institutions, with the appropriate calibrations. MAS conducted a series of thematic inspections of capital markets intermediaries (“CMIs”) to assess the adequacy of their oversight of AML/CFT service providers (“ASPs”), and their understanding of the key control functions outsourced
- MAS
- Circulars
Last revised date:
- This circular reminds all financial institutions (FIs) to stay vigilant to the ML/TF risks in wealth management sector, and sets out MAS’ expectations for FIs to review its existing controls to ensure that they remain adequate to mitigate the ML/TF risks from high growth areas. In conducting its review, FIs should take into account the additional information provided in this circular as well as previous MAS guidance that was issued to the industry. Monetary Authority of Singapore 10 Shenton Way
- MAS
- External Publications
Last revised date:
- On 29 June 2021, the Financial Action Task Force (FATF) published the “Guidance on Proliferation Financing Risk Assessment and Mitigation” (FATF Guidance). The FATF Guidance can be found at the FATF website: http://www.fatf-gafi.org/publications/financingofproliferation/documents/proliferation-financing-risk-assessment-mitigation.html 2 The FATF recently revised its Standards to require countries, financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs
- MAS
- Guidance
Last revised date:
- Sets out MAS’ supervisory expectations of effective AML/CFT controls in the private banking industry. The paper follows from a series of thematic inspections on private banks (“PBs”), and supplements the MAS’ Guidance on Private Banking Controls issued in 2014. MAS conducted a series of thematic inspections of PBs targeted at assessing the effectiveness of their AML/CFT risk management and controls. This guidance paper sets out MAS’ supervisory expectations of effective AML/CFT controls in the private