Showing 4218 Documents for "DPT service"
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- MAS
- Speeches
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- Good morning everyone. If you’ve just joined us, welcome to Day Two of the Singapore FinTech Festival. I want to talk about the future of Money, Finance, and the Internet. But first, a little history. JUNO, PLUTUS, MERCURY Money as a medium of exchange and store of value has been around for millennia. It is named after the Roman goddess of money, Juno, who carried the title Moneta. Rome’s currency was first minted at her temple in the third century B.C. Money has come a long way since: from bullion
- MAS
- Speeches
Last revised date:
- The AML/CFT requirements imposed on DT service providers will be aligned with the requirements imposed on digital payment token service providers regulated under the Payment Services Act. (C) Harmonised power to impose requirements in technology risk management 25.
- MAS
- Parliamentary Replies
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- MAS also requires DPT service providers to assess the purpose of their customers’ use of privacy coins, privacy wallets or mixers and to undertake enhanced monitoring of their transactions 6 . 3. Most licensed DPT service providers in Singapore do not offer privacy coins to their customers.
- Accordingly, MAS requires digital payment token (DPT) service providers engaged in customer transactions involving such anonymity features to put in place stronger controls to address the higher risks they pose.
- Payment Token Service and the corresponding paragraphs in the accompanying Guidelines . [6] Paragraphs 6.25 to 6.33 on requirements relating to ongoing monitoring as set out in MAS Notice PSN02 on Prevention of Money Laundering and Countering the Financing of Terrorism – Digital Payment Token Service
- MAS
- Parliamentary Replies
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- 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
- 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.
- MAS
- Forms and Templates
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- For applicants providing digital payment token service, legal opinions of the applicants assessment for all tokens. For applicants providing digital payment token service, a completed copy of the Technology Assessment Questionnaire.
- Please specify: 8.4 Indicate which digital payment token services the applicant will provide. 8.5 The details of compliance arrangement.
- If the applicant intends to provide digital payment token wallet services, provide a list of wallets offered and indicate whether these are hot or cold wallets. Describe the security measures employed for wallets.
- MAS
- Monographs/Information Papers
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- 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.
- PAYMENT TOKEN SERVICE PROVIDERS M E D I U M - L O W R I S K KEY VULNERABILITIES (CONT.)
- MAS
- Monographs/Information Papers
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- 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.
- PAYMENT TOKEN SERVICE PROVIDERS M E D I U M - L O W R I S K KEY VULNERABILITIES (CONT.)
- MAS
- Guidelines
Last revised date:
- Activity C Cross-border money transfer service Activity D Merchant acquisition service Activity E Activity F Digital payment token service Activity G Money-changing service Providing Singapore.
- Activity F Digital payment token service The applicant should indicate the currency that the e- money will be denominated in and explain how it will ensure that the e-money is issued in a timely manner.
- service The applicant should provide details on the agreements entered into with merchants, including payment and settlement cycles, and due diligence conducted on merchants. 14 -------- Guidelines on Licensing for Payment Service Providers Activity E E-money issuance service
- MAS
- Acts
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- Virtual currency (digital payment token) services.
- ; f) DPT services; and g) money-changing service.
- Where a DPT service provider does not offer an exchange rate, the DPT service provider must disclose in writing to the customer that the exchange rate will be determined by a third party.
- 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
- Token Digital Payment Token Service Providers Financial Action Task Force Financial Institutions Financial Intelligence Unit Inter-Agency Committee Internal Security Act Internal Security Department Islamic State of Iraq and Syria CTF Forum Priority Counter-Terrorism Financing Forum
- - 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.