Consultation Paper on Proposed Payment Services Notices and Guidelines
MAS issued a consultation paper on the proposed payment services notices under the Payment Services Act (“PS Act”) and guidelines which are applicable to entities regulated under the Payment Services Act 2019 (the “Act”), to effect the objectives of the Act.
All the notices and amended guidelines will come into force on the commencement date of the PS Act, except for some of the amendments to the E-payments user protection guidelines, PSN04 (Notice on Submission of Regulatory Returns) for existing money-changing licensees and remittance licensees under the Money-changing and Remittance Businesses Act (“MCRBA”) and approved holders of a widely accepted stored value facility under the Payment Systems (Oversight) Act (“PS(O)A”), and PSN06 (Notice on Cyber Hygiene).
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