Singapore - MAS issues FAQs on the Payment Services Act

8 October 2019 On 4 October the Monetary Authority of Singapore (“MAS”) released a set of FAQs on the Payment Services Act (the “FAQs”). The FAQs span areas such as the PS Act licensing framework and licensable activities, AML/CFT regulatory risk, and activity restrictions. We set out below key points of interest: 1. Commencement - The MAS is targeting to commence the PS Act in January 2020. On the commencement of the PS Act, the Payment Services (Oversight) Act and the Money Changing a