Regulatory Framework

The XFERS payment service is regarded as a stored value facility under Singapore law

We are regulated by the Monetary Authority of Singapore ("MAS") and subject to the requirements as set out in:

  Payment Systems (Oversight) Act (Cap 222A) ("PSOA")   Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act
  Terrorism (Suppression of Financing) Act   MAS Notice PSOA-N02 Notice on Prevention of Money Laundering and Countering the Financing of Terrorism - Holders of Stored Value Facilities

When users want to transact past certain monetary thresholds, we are required to conduct Customer Due Diligence ("CDD") on a risk-based approach. We take our CDD responsibilities seriously in order to best protect our merchants and users from being affected by bad actors. As best practice, we also take operational guidance from the MAS Stored Value Facility Guidelines and the Epayments User Protection Guidelines.

We have partnered with Refinitiv (formerly the Financial and Risk Business of Thomson Reuters) to automate our screening and ongoing screening processes so that we can continue to effectively identify potential bad actors.