Payment Services Act | Protiviti Singapore

Comply Singapore's Payment Services Act with Protiviti

The Payments Services Act (PSA) has now been in force for several years, and many firms have received their licences, while others are still in the process of obtaining them. Whether already licensed or still awaiting in-principle or final approval, the challenges for firms are the mandatory obligations under the the Monetary Authority of Singapore’s (MAS) Payment Services Act with which they must comply on an ongoing basis. Areas of compliance largely include AML and KYC-related requirements, transaction monitoring, safeguarding of customer funds, regulatory reporting and, for some firms, trade surveillance. To ensure ongoing compliance with payment services regulations, organisations need the right interplay between technology and personnel, and to implement the right target operating model and solution design that can scale rapidly- all underpinned by a robust risk management and control framework.

Comply Singapore's Payment Services Act with Protiviti

Business review

Ongoing review of the business plan for a possible expansion of the licence, communication to MAS and adoption of additional compliance structures
New customer acquisition strategy
Apply for MAS’s Digital Acceleration Grant (DAG)
Revenue modelling
Organisational structure development

Process augmentation

Review current state and design future state process to meet regulations
Regularly update TOM and solution stack for expanded regulatory supervision and reporting
Review business operations
Keep all relevant policy & procedures and SOPs updated
Refresh enterprise-wide risk assessment

Infrastructure and people development

Business transformation for the digital future
Organisational structure review to deliver change and monitor adoption
TRM including cybersecurity assessment
Implement new systems for compliance, reporting and operations
Build knowledge base to manage and address new PSA requirements
Ongoing L&D

Business operations revamp

Meet AML/KYC processing, assurance and reporting requirements
Review current operational footprint and design future state lean organisational structure to meet new regulatory obligations supported via technology
Build/outsource risk & compliance and internal audit functions

Payments consulting services

Protiviti helps payments firms to be more effective and efficient in a way that is risk-sensitive, regulatory compliant, well-controlled, and enabled by leading technologies.

Topics

Internal Audit and Corporate Governance Risk Management and Regulatory Compliance

Find out more about risk & compliance

Compliance support

Risk management

Internal audit

Preparation of licence applications
Develop/refresh policy & procedures
Outsourced compliance function
AML/KYC support –managed service

Co-sourced/outsourced
Risk function
Risk assessments
Model validation
Vendor selection –risk

Co-sourced/outsourced internal audit function
Digital & IT audits

Technology transformation

Digital enablement

Business process improvement

Technology, strategy and IT operations Transformation
Security & privacy assessments
Penetration testing
Agile software implementation

Full stack development
RPA, AI and ML in risk management
Cloud strategy
UX/UI
Data analytics and visualisation
AI-enabled forensics

Change management-manual to digital
Operating model redesign
Training & communication
Operations & process enhancement
Policies, Procedures & SOPs
Financial reporting, remediation & compliance
Cost & performance management

Leadership

Gregor Neveling

Gregor Neveling

Gregor is a director with more than 20 years of experience in the financial services industry, both in Europe and Asia. He has extensive experience in corporate, retail and investment banking, wealth and asset management, compliance, AML/CFT, KYC, and risk. He started ...