Practical Compliance and the Payment Services Act: Complying with the MAS Technology Risk Management Notice and Guidelines
On 28 January 2020, the Payment Services Act (PS Act) by the Monetary Authority of Singapore (MAS) came into force. The new act aims to strengthen the system surrounding payment services in Singapore.
Together with Holland & Marie, we have produced this white paper to offer our insights from both a security and legal perspective. This piece will guide you on your application for a license under the new Payment Services Act:
– Materials and checklist to help you in our application
– Emerging technology risks to look out for
– Key considerations when preparing your TRM policies and frameworks
The path to achieving compliance may seem daunting however, with professional guidance and support from employees and stakeholders, it is an achieveable goal. Regulations will only get tighter from here onwards; a respond to the rise of technology risks faced by all of us today. Having a solid compliance baseline will not only help with ticking off the checkboxes imposed by regulators, your organisation will benefit in the long run in terms of security.
Pragma is a cyber security consultancy that provides cyber and regulatory consulting, cloud security, security testing and incident response services. Click here to view our latest case study on helping our client achieve its license from MAS.
Holland & Marie is a compliance consultancy that offers outsourced in-house counsel and C-suite advisory to executive management and boards of directors.
Please contact us for an obligation free consultation.