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

 

  • Payment Services Act (No. 2 of 2019)
  • Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act
  • Terrorism (Suppression of Financing) Act
  • MAS Notice PSN01 Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Holders of Payments Services Licence (Specified Payment Services)

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 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.