Non-Face-to-Face KYC Explained

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THE PAYMENT SERVICES ACT AND NON-FACE-TO-FACE KYC

INTRODUCTION

In the strive to encourage substantial growth within Singapore’s Fintech ecosystem while maintaining a stringent regulatory environment, our Lion City has to ensure that regulatory notices and guidelines are issued in an agile manner. As avid readers of these notices and participants in consultation sessions we would like to draw attention to some of the much talked about provisions of the Payment Services Act (the “PS Act”), with particular regard to Know Your Customer (“KYC”) requirements.

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