🚀 MAS new requirement for legal opinion and compliance / IT auditor assessment inputs to be provided during PSA license application. 3 cheers!!! More collaborations between industry players and professional services firms
To ensure greater clarity, better facilitate application reviews and enhance efficiency of the licensing process, the Monetary Authority of Singapore (“MAS”) will be putting into effect, from 26 August 2024, the following revisions to the licensing process:
– Submission of Legal Opinion
Requirement to submit a Legal Opinion on the mapping of proposed business model (products and services) to regulated payment services under the PS Act for certain new applications and all variation applications to add DPT services.
– Submission of Independent External Auditor Assessment
Requirement to submit an Independent External Auditor (EA) Assessment for all new licence and licence variation applications to carry out DPT services. The Independent EA assessment is to cover the areas of Prevention of Money Laundering and Countering the Financing of Terrorism, and Consumer Protection. The report is to be submitted as part of the application forms.
– Case-on-hold process for cases under review
Implementing a case-on-hold process for cases under review that encounter issues requiring more time for the applicants to resolve.
