Singapore’s Payment Services Act

The Payments Services Act (PSA) has now been in force for several years, and many firms have received their licences, while others are still in the process of obtaining them. Whether already licensed or still awaiting in-principle or final approval, the challenges for firms are the mandatory obligations under the the Monetary Authority of Singapore’s (MAS) Payment Services Act with which they must comply on an ongoing basis. Areas of compliance largely include AML and KYC-related requirements, transaction monitoring, safeguarding of customer funds, regulatory reporting and, for some firms, trade surveillance. To ensure ongoing compliance with payment services regulations, organisations need the right interplay between technology and personnel, and to implement the right target operating model and solution design that can scale rapidly- all underpinned by a robust risk management and control framework.