For payment services, including clearing and settlement systems, holders of stored value facilities, money-changers and remittance businesses.

Payments Licensees and Approved Holders

MAS currently regulates persons that provide these payment services:

With the changing payment services landscape, a new Payment Services Bill was passed in Parliament on 14 January 2019 to streamline payment services under a single legislation. Under the Payment Services Act 2019 (PS Act), payment service providers will only need to hold one licence to conduct specified payment activities. The scope of regulation has also been expanded to include payment services such as digital payment token services and merchant acquisition. MAS conducted public consultations to solicit feedback on the payments regulatory framework and subsidiary legislation under the PS Act.

The PS(O)A and MCRBA will be repealed upon the commencement of the new PS Act, which will apply to payments services licensees.  

Payment Systems

The Payment Systems (Oversight) Act (PS(O)A)  empowers MAS to collect information from all payment systems in Singapore to monitor the development of the payment system industry in Singapore and make informed policy decisions. MAS may designate a payment system under the PS(O)A if it is considered a systemically important payment system or a system-wide important payment system, or where it is otherwise in the public interest to do so.

In addition, MAS may designate important payment systems under the Payment and Settlement Systems (Finality and Netting) Act (FNA)  to ensure that these systems continue to function smoothly during times of disruption. Specifically, the FNA ensures the finality and irrevocability of transactions made through these systems by “carving out” the relevant insolvency rules.

The PS(O)A will be repealed upon the commencement of the new Payment Services Act 2019, which will apply to designated payment systems.  

Find out about the various payment systems supervised by MAS.

Anti-Money Laundering

Find out about MAS’ regime to combat financial crime. Financial institutions are required to have sufficiently robust controls for anti-money laundering and countering the financing of terrorism. 


Combating money laundering, terrorism financing and proliferation financing are priorities for MAS. We require our financial institutions to have sufficiently robust controls to detect and deter such illicit activities. We also partner the industry to bolster their defences, by engaging them on emerging risks, evolving criminal typologies and industry best practices. MAS is firmly committed to safeguarding Singapore as a clean and trusted financial centre.

Sustained effort and unstinting vigilance will be needed on the part of industry players to manage the risk of illicit finance and keep our financial centre clean.

– Ravi Menon, Managing Director, MAS
MAS Annual Report 2016/2017

Our Role in International Standard Setting

Singapore is an active member of the Financial Action Task Force (FATF), the global standard setting and oversight body for AML/CFT. As co-chair of its Policy Development Group, Singapore collaborates closely with fellow AML/CFT policy makers and supervisors to develop international standards. We are also a founding member of the Asia / Pacific Group on Money Laundering.

Regulations and Guidance

The controls that MAS requires of financial institutions include the need to identify and know their customers (including beneficial owners), conduct regular account reviews, and monitor and report any suspicious transaction.

The requirements and expectations on financial institutions are set out in MAS’ AML/CFT NoticesGuidelines, and other Guidances on MAS’ supervisory expectations.

Financial institutions should also refer to:

Financial institutions must also comply with MAS regulations which give effect to obligations arising from the United Nations Security Council Resolutions to combat proliferation financing. They must also comply with obligations to combat terrorism financing, such as those found under the Terrorism (Suppression of Financing) Act. More information can be found here.

Under the MAS Act , a financial institution that fails or refuses to comply with any requirements of its applicable AML/CFT notice is guilty of an offence and will be liable on conviction to a fine not exceeding $1 million for each offence.

Cyber Security

Technological innovation and advancement are rapidly transforming the financial sector. The success of the digital transformation in the financial sector is underpinned by the safety and soundness of these technologies. Find out MAS’ strategies and guidance for financial institutions to achieve cyber resilience.



Digital transformation expands the options and accessibility of financial services to consumers. Financial institutions’ exposure to cyber risks could increase and this could lead to operational disruptions and data breaches.

Every financial institution plays an important role in building a cyber resilient financial sector.

A cyber-attack can result in a prolonged disruption of business activities. Threats are constantly present and evolving in sophistication. We cannot afford to be complacent. Financial institutions must therefore remain vigilant and have in place effective technology risk management practices and robust business continuity plans to ensure prompt and effective response and recovery.