The Monetary Authority of Singapore (“MAS”) has introduced amendments to the Payment ServicesAct 2019 (“PS Act”) to implement the enhanced international standards adopted by the Financial ActionTask Force (“FATF”) in June 2019.
The enhanced FATF standards are aimed at addressing the money laundering and terrorist financing(“ML/TF”) risks posed by virtual asset service providers (“VASPs”) that are not already regulated, giventhat the speed, anonymity and cross-border nature of VASP activities makes them inherently morevulnerable to ML/TF risks.
These amendments have taken effect on 4 April 2024 and among other things, expand the scope ofdigital payment token (“DPT”) services regulated by MAS.
