The Monetary Authority of Singapore (“MAS”) has introduced amendments to thePayment Services Act 2019 (“PS Act”) to implement the enhancedinternational standards adopted by the Financial Action Task Force (“FATF”)in June 2019.
Theenhanced FATF standards are aimed at addressing the money laundering andterrorist financing (“ML/TF”) risks posed by virtual asset serviceproviders (“VASPs”) that are not already regulated, given that thespeed, anonymity and cross-border nature of VASP activities makes theminherently more vulnerable to ML/TF risks.
Theseamendments have taken effect on 4 April 2024 and among other things, expand thescope of digital payment token (“DPT”) services regulated by MAS.
