SINGAPORE, April 2 (Xinhua) -- The Monetary Authority of Singapore (MAS) on Tuesday amended the Payment Services Act to expand the regulation scope and prevent digital payment token (DPT) service providers from money laundering and terrorism financing.
The amendment will bring more activities under regulation, including the provision of custodial services for DPTs, facilitation of the transmission and exchange of DPTs, and facilitation of cross-border money transfer between different countries.
The amendment will take effect on April 4.
The MAS on Monday launched COSMIC, a digital platform to share customer information among financial institutions to combat money laundering, terrorism financing, and proliferation financing. ■