Uncovering Compliance and Operational Trends in Crypto Industry

About This Course

The payment services landscape in Singapore has changed considerably in the past years, beyond the scope of activities and type of risks regulated under the Money-changing and Remittance Businesses Act (MCRBA) and Payment Systems (Oversight) Act (PSOA). New payment business models, including Digital Payment Token (DPT) services, have also blurred the lines between activities regulated under these two Acts. As such, the Payment Services (PS) Act was enacted in 2019 to streamline the regulation of payment services under a single legislation by combining the MCRBA and the PSOA, and to take into account, new developments in payment services and the various risks they pose. The PS Act will empower the Monetary Authority of Singapore (MAS) to regulate payment services for key risks and concerns, such as money-laundering and terrorism financing (ML/TF), loss of funds owed to consumers or merchants due to insolvency, technology, and cyber risks.

This course will provide participants with an astute insight and confidence needed to respond to regulatory requirements under the PS Act and corresponding MAS’ Notices and Guidelines. Participants will also gain meaningful insights into the importance of having a well-curated compliance and operational risk management strategy to address the regulatory requirements applicable to their payment service business.