[Singapore] AIC Submits Response to Consultation on Proposed Payment Services Notices on Prevention of Money Laundering and Countering the Financing of Terrorism (July 2019)

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The Asia Internet Coalition (AIC) has submitted a response to Monetary Authority of Singapore (MAS) on the Consultation Paper on the Proposed Payment Services Notices on Prevention of Money Laundering and Countering the Financing of Terrorism. We commend this initiative by MAS on proposing to issue new notices to payment services providers on anti-money laundering and countering the financing of terrorism (“AML/CFT”), pursuant to the MonetaryAuthority of Singapore Act (Cap. 186) (“MAS Act”). With an expanding digital economy and integration of financial markets and payments ecosystem, the solutions to anti-money laundering and countering the financing of terrorism should not go unnoticed and should have a goal to guarantee a safe and honest financial system.

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