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Singapore: Monetary Authority Consults on E-Payments User Protection Guidelines

Latest update: January 31, 2019. The MAS has released a press release which provides that banks can delay the implementation of its “E-Payment User Protection Guidelines” to June 30, 2019.

The guidelines aim to:

“- Set out duties of financial institutions and users for secure e-payment transactions;
– Simplify error resolution processes when a user sends money to the wrong recipient; and
– Apportion liability between financial institutions and users for unauthorised transactions.”

The guidelines were issued in September 2018 and were scheduled to come into effect on January 31, 2019.But due to the complexity of system changes, banks have requested that implementation of the guidelines be delayed. A more comprehensive notification alert process and framework for unauthorised transactions will be in place after the guidelines enter into force.

The “E-Payment User Protection Guidelines” are available here.

The MAS’ press release is available here.

 

On February 13, 2018, the Monetary Authority of Singapore (MAS) launched a public consultation on proposed guidelines to protect users of electronic payments (e-payments), with a view to encouraging the wider adoption of this payment

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