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Strengthening AML/CFT controls of digital payment token service providers in Singapore

Tju Liang Chua

Journal of Investment Compliance2021https://doi.org/10.1108/joic-08-2021-0035article
ABDC C
Weight
0.40

What the paper says

Purpose To raise awareness of money laundering and terrorism financing (ML/TF) controls and regulations in Singapore for digital payment token (DPT) service providers. Design/methodology/approach This article summarizes the key points in the guidance infographic published by the Monetary Authority of Singapore on strengthening the AML/CFT controls of DPT service providers (Infographic). In line with the Infographic, these points pertain to: (1) recent developments in the Financial Action Task Force (FATF) Standards; (2) ML/TF risks in the DPT sector; and (3) an overview of MAS’ measures to address such risks, which include (i) licensing and supervision; (ii) AML/CFT notice and guidelines; and (iii) surveillance. Findings To combat illicit activities in Singapore’s DPT sector, the MAS has introduced AML/CFT measures that are aligned with the FATF Standards. DPT service providers should be cognizant of these regulations in developing their own internal measures. Originality/value Practical guidance from experienced lawyers in the Technology Transactions and Financial Services Regulatory & Enforcement practices.

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https://doi.org/https://doi.org/10.1108/joic-08-2021-0035

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@article{tju2021,
  title        = {{Strengthening AML/CFT controls of digital payment token service providers in Singapore}},
  author       = {Tju Liang Chua},
  journal      = {Journal of Investment Compliance},
  year         = {2021},
  doi          = {https://doi.org/https://doi.org/10.1108/joic-08-2021-0035},
}

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Strengthening AML/CFT controls of digital payment token service providers in Singapore

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Evidence weight

0.40

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.15 × 0.4 = 0.06
M · momentum0.80 × 0.15 = 0.12
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.