Singapore Payment Services Act 2019 S22: Lodge security with MAS and submit an auditor's closure certificate on exit

A major payment institution must maintain with MAS security of the prescribed amount (as cash or an acceptable bank guarantee; the guideline states $100,000 where monthly average volume per service is at most $6 million and $200,000 otherwise), which MAS can enforce for customer claims on exit; within 45 days after its licence is surrendered, lapses or is revoked it must submit an auditor's closure certificate confirming customer money reached recipients and unforeseen liabilities are provided for.