pc
nid 94071
Jul 17, 2026
pthandapani@vixio.com
Singapore
Monetary Authority of Singapore
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1590 charsSingapore's Monetary Authority Publishes Audit Guidelines for Payment Service Providers
On July 16, 2026, the Monetary Authority of Singapore (MAS) published Guidelines on Audit of Payment Service Providers [PS-G04] under the Payment Services Act. The guidelines establish MAS's expectations for annual audits conducted by all payment service providers, including Standard Payment Institutions, Major Payment Institutions, and Money-changing Licensees.
The guidelines specify the reports that payment service providers must submit to MAS, outline baseline and mandatory coverage areas for audits, and detail audit coverage requirements for newly licensed entities and newly licensed payment services. The guidelines aim to ensure consistent audit standards and robust financial oversight across Singapore's payment services sector. By establishing clear audit expectations, MAS seeks to strengthen the governance and risk management frameworks of payment service providers, protecting both the integrity of the payment system and consumer interests.
The guidelines will take effect for annual audits with financial years ending December 31, 2026 onwards. Form 4 submissions—the auditor's report for licensed payment service providers—will be due from June 30, 2027 onwards. MAS will make the revised Form 4 available on MAS-Tx during the second quarter of 2027. A specimen copy of the revised Form 4 is currently accessible on the MAS website to allow payment service providers time to prepare for compliance.
Payment service providers should review the guidelines and begin implementing the required audit procedures in preparation for the June 30, 2027 submission deadline.
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1745 charsMonetary Authority of Singapore Publishes Audit Guidelines for Payment Service Providers
On July 16, 2026, the Monetary Authority of Singapore (MAS) issued the guidelines on audit of payment service providers (PSPs).
The issued guidelines contain:
Administrative measures detailing the annual audit requirement, which mandates that payment service providers (PSPs) appoint a suitably qualified external auditor and submit an audit report in Form 4 within six months of their financial year end.
Specific rules mandating that annual audits must cover mandatory areas, including the safeguarding of customer assets, the accuracy of reported figures in PSN04, compliance with base capital requirements, and the remediation of prior audit findings.
Regulations prescribing a mandatory end-to-end review for newly licensed payment service providers (PSPs) or those offering new services, requiring a comprehensive assessment of their anti-money laundering and countering the financing of terrorism (AML/CFT) and technology risk controls one year after commencing operations.
Provisions outlining the duty of external auditors and payment service providers (PSPs) to immediately report serious breaches to the Monetary Authority of Singapore (MAS), such as a failure to segregate customer funds, capital falling below minimum requirements, or conducting regulated activities without a license.
Directives establishing that the external auditor's management letter must be submitted as part of Form 4, clearly setting out the audit coverage areas, sample testing processes, and any findings or observations regarding the licensee's compliance and risk management frameworks.
The guidelines enter into effect for the or annual audits with financial year ending December 31, 2026 which equates to submissions from June 30, 2027 onwards.