Update to E-Payments User Protection Guidelines - The Industry Spread

industryspread

The Industry Spread is a news and information site built for the global trading industry. The site provides industry news focusing on technology, global regulation, company news and the latest people moves .

MAS Speech Regulatory Framework

Update to E-Payments User Protection Guidelines

April 28, 2019

MASSingapore, 25 April 2019… The Monetary Authority of Singapore (MAS) has updated the E-Payments User Protection Guidelines (“Guidelines”) to clarify that the Guidelines do not override customers’ instructions to their financial institutions on transaction notification thresholds for e-payments.

Under the Guidelines, financial institutions, such as banks, are expected to provide notifications to their customers for all e-payment transactions. These notifications allow customers to monitor e-payment transactions, and report unauthorised transactions promptly to their financial institutions. The Guidelines did not address situations where a customer chooses to receive fewer notifications of transactions that are above specified thresholds and of certain payment types.

In response to customer feedback, MAS has updated the Guidelines to clarify that customers can continue to set their preferred transaction notifications even after the Guidelines take effect on 30 June 2019.  As these preferred notification settings result in fewer notifications sent to the customer, there may be implications on his ability to monitor for unauthorised transactions and his liability for such transactions. In such cases, MAS expects financial institutions to inform their customers of these liability implications.

For more information about the Guidelines, please refer to this link.

Login To MyTis Comment Or Register to MyTIS

Leave a Reply

avatar
  Subscribe  
Notify of

Newsletter

Register now to receive the latest news and information for global trading industry.

Latest Articles

Ohpen

Corinne Aaron Joins Dutch Fintech Ohpen as Head of Marketing

Ohpen, the Amsterdam headquartered fintech firm known for its cloud-based SaaS banking solutions recently revealed the addition of new executive to its senior-level leadership team. As per the statement released …