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The central bank of Singapore, the Monetary Authority of Singapore (MAS), has issued a <a href="https://www.mas.gov.sg/regulation/notices/notice-fsm-n01" rel="noopener noreferrer nofollow">notice</a> necessitating the cryptocurrency companies to undertake stringent customer due diligence, effective from June 1, 2023. The MAS has reportedly directed the digital token payment or cryptocurrency entities to identify and report &#34;high-risk customers&#34; served by them, whilst also collecting and providing more information.The Chinese reporter Colin Wu shared more information on the MAS’ recent reporting requirements in a tweet on his official page Wu Blockchain:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/0ab5358bcbc94e17b1f03726c048fc97.png" />The MAS categorizes “Higher risk customers” as those who pose a “higher risk for money laundering or terrorism financing.” The MAS implements “appropriate internal risk management systems, policies, procedures, and controls” to contain the conduct of the higher risk customers.Notably, the Monetary Authority of Singapore has recently granted the cryptocurrency exchange company based in Singapore, Crypto.com, a <a href="https://www.prnewswire.com/news-releases/cryptocom-obtains-major-payment-institution-licence-from-monetary-authority-of-singapore-301839543.html" rel="noopener noreferrer nofollow">Major Payment License</a> (MPI) for Digital Payment Token (DPT) services in Singapore.Read full article at <a href="https://cryptotale.org/singapores-central-bank-strengthens-customer-due-diligence/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Singapore’s Central Bank Strengthens Customer Due Diligence

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