The background of PSN02 lies in the Monetary Authority of Singapore’s (MAS_ commitment to maintaining the integrity and security of the financial system against money laundering and terrorism financing risks. By implementing the notice, MAS aims to strengthen the overall resilience of Singapore’s financial system and maintain its reputation as a trusted global financial center.
What is PSN02?
The MAS Notice PSN02 is a crucial regulatory framework that outlines the obligations and requirements for payment service providers (PSPs) in Singapore. It is an update to Singapore’s anti-money-laundering (AML) and counter-terrorist financing (CTF) laws. Along with PSN01, these regulations have been defined in Singapore’s Payment Systems Act (PSA) and Money-Changing and Remittance Businesses Act (MCRBA). The updates were necessary because not all financial services were regulated under these acts previously.
In October 2021, the Financial Action Task Force (FATF) updated its 2019 Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers (VASPs). Following FATF’s recommendations, legislators worldwide drafted new rules to regulate the (largely…
