13 Feb '18, 11am

Monetary Authority of Singapore publishes guidelines to protect users of electronic payments

Monetary Authority of Singapore publishes guidelines to protect users of electronic payments 9 hours ago | 1322 views | 0 Source: Monetary Authority of Singapore The Monetary Authority of Singapore (MAS) today launched a public consultation on proposed guidelines to protect users of electronic payments (“e-payments”). The proposed E-payments User Protection Guidelines aim to encourage wider adoption of e-payments by setting standards on the responsibilities of financial institutions1 and e-payment users2. 2. Under the new Guidelines, individuals and micro-enterprises3 who hold e-payment accounts can expect financial institutions to provide timely notifications of all e-payment transactions. Financial institutions will be expected to set clear resolution processes for unauthorised or erroneous payment transactions. The Guidelines also set out the responsibilities of e-payme...

Full article: https://www.finextra.com/pressarticle/72611/monetary-auth...

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