[Singapore] AIC Submits Comments on MAS Consultation Paper on Proposed Payment Services Notices & Guidelines (21 August 2019)

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The Asia Internet Coalition (AIC) submitted comments to the Monetary Authority of Singapore (MAS) on the Consultation Paper on Proposed Payment Services Notices & Guidelines. We commend this initiative by MAS on the proposed payment services notices and guidelines and appreciate to give the industry adequate notice of the commencement of the PS Act and the relevant subsidiary legislation. We have been actively involved in regular industry submission on the regulations and one order under the PS Act, anti-money laundering and countering the financing of terrorism (“AML/CFT”) notices under the MAS Act, notices under the PS Act, and guidelines. In conjunction, we would also like to highlight our submission on Consultation Paper on the Proposed Payment Services Notices on Prevention of Money Laundering and Countering the Financing of Terrorism, which can be found HERE.