What are the notable regulations put in place to ensure FinTech does not encourage illegal monetary transmissions? - Seedly
 

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Asked by Anonymous

Asked 2w ago

What are the notable regulations put in place to ensure FinTech does not encourage illegal monetary transmissions?

Like money laundering and moving money around for illegal uses, because I heard it is quite a common occurrence in China and India?

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FinTech is possibly too broad as it covers diverse areas like FX for travellers (YouTrip), Lending to SMEs (Funding Societies) and Robo-advisors (Syfe) each area would have its own regulatory challenges but unlikely all FinTech touches on illegal monetary transmissions.

In terms of regulations - MAS recently reviewed the regulation of money changers and remitters and the outcome of the review was the new Payment Services Bill.

The rules are largely unchanged and same as existing rules. MAS basically it is saying the existing KYC / risk management approaches are reasonable and should apply offline/online and existing entities and new FinTech players.

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