Executive Summary

In 2026, MAS expects compliance under the Payment Services Act notices to be practical, risk-based, and clearly evidenced. Recent updates and enforcement actions reinforce stronger standards for AML/CFT controls, regulatory reporting, conduct, and customer disclosures. Supervisory reviews focus on dynamic risk assessments, ongoing monitoring, embedded governance, and clear audit trails. Institutions must show that controls work effectively in daily operations, not just in written policies.

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