The Monetary Authority of Singapore ("MAS") has on 11 February 2021 published Notice PSN01AA on Prevention of Money Laundering and Countering the Financing of Terrorism - Persons Providing Account Issuances Services who are Exempted under the Payment Services (Exemption for Specified Period) Regulations 2019. The MAS Notice PSN01AA took effect from 11 February 2021 and seeks to continue to substantially apply the requirements of MAS Notice PSOA-N02 to exempt persons.
Applicability of the MAS Notice PSN01AA
The MAS Notice PSN01AA applies to all exempt persons. The MAS Notice PSN01AA defines an "exempt person" as a person who:
- carried on a business of providing account issuance services in relation to a relevant payment account immediately before 28 January 2020;
- satisfies the requirements for exemption under Regulation 3(1) of the Payment Services (Exemption for Specified Period) Regulations 2019; and
- was a holder of a stored value facility immediately before 28 January 2020.
Extension of transitional arrangement
Prior to 11 February 2021, exempt persons were subject to the transitional arrangement under MAS Notice PSN01A. The purpose of MAS Notice PSN01A was to substantially apply the anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements under MAS Notice PSOA-N02 to exempt persons. MAS Notice PSN01A was in effect for a period of 12 months from 28 January 2020.
With effect from 11 February 2021, the MAS Notice PSN01AA seeks to continue to substantially apply the requirements under MAS Notice PSOA-N02 to all exempt persons until such time the exemption applicable to such exempt person under Regulation 3(1) read with Regulation 3(2) of the Payment Services (Exemption for Specified Period) Regulations 2019 ceases. The AML/CFT requirements stated in the MAS Notice PSN01AA remains the same as those stated in the earlier PSN01A Notice.
A copy of the MAS Notice PSN01AA may be obtained here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
