Monetary Authority Of Singapore Issues AML/CFT Guidelines

To address the potential risks that digital assets could pose to economy, the Monetary Authority of Singapore (MAS) issued a notice on Dec. 5 regarding the "Prevention of Money Laundering and Countering the Financing of Terrorism," which details anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements for digital payment token service providers. On March 16, the MAS clarified their previous notice with a new 73-page set of guidelines for digital payment token service providers.
The guidelines state, "Recent rapid technology improvements has [sic] a far-reaching impact, including in the world of payments. Enhancements in financial technology in particular, has opened up new opportunities for faster and more efficient payment methods. However, these new payment methods also give rise to new money laundering (ML), terrorist financing (TF), and proliferation financing (PF) risks."

Tracy Chen

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