Off to the races: The commencement of the Payment Services Act

After a long lead-up, the Singapore Prime Minister's Office has now confirmed that the Payment Services Act 2019 (the Act) (other than sections 111, 113, and 114) will imminently come into force on 28 January 2020 (the commencement date).

Alongside this notification, the Monetary Authority of Singapore (the MAS) published numerous instruments to accompany the Act, most of which will take effect from the commencement date:

  • Five regulations - this includes the main regulation (i.e., the Payment Services regulations 2019), as well as two regulations that relate to the transitional period;
  • Twelve notices - six of which relate to conduct, disclosure, and reporting requirements; four of which relate to requirements for anti-money laundering and countering the financing of terrorism (AML/CFT Requirements); and two of which relate to technology risk and cyber hygiene requirements; and
  • Three guidelines - all of which relate to conduct requirements.

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