Singapore Payment Services Act 2019
Major payment institutions and safeguarding (ss 22 to 24) – Singapore Payment Services Act 2019

Singapore Payment Services Act 2019 S24: Keep personal e-money accounts within the stock and annual outflow caps

An account-issuing major payment institution must keep e-money in each personal payment account of a Singapore-resident user within the prescribed stock cap, keep annual transfers out (other than to the user's own bank account) within the prescribed flow cap, and apply both caps across all of a user's accounts, with limited exclusions for small accounts, bearer accounts and prescribed types.

Maintained by Gerard BlokdykVerified against the published standard Control text last updated

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