Payment Services Act 2019: Primary legislation governing payment services in Singapore, including wire transfers. Sets out licensing requirements and regulatory framework for payment service providers.
Banking Act (Chapter 19): Regulates banking operations and financial institutions in Singapore, including their wire transfer services and operations.
Electronic Transactions Act (Chapter 88): Provides legal framework for electronic transactions and digital signatures, relevant for electronic wire transfer agreements.
Monetary Authority of Singapore Act: Establishes MAS's regulatory authority over financial institutions and payment systems in Singapore.
Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act: Anti-money laundering legislation that impacts wire transfer procedures and reporting requirements.
Terrorism (Suppression of Financing) Act: Establishes requirements for preventing and detecting terrorism financing through financial transactions including wire transfers.
MAS Notice 626: Regulatory notice on Prevention of Money Laundering and Countering the Financing of Terrorism, specifying AML/CFT requirements for banks.
Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data in Singapore, affecting how customer information is handled in wire transfers.
Consumer Protection (Fair Trading) Act: Protects consumers against unfair practices and ensures fair trading terms in financial services.
MAS Guidelines on Fair Dealing: Regulatory guidelines ensuring fair dealing with consumers in financial services including wire transfers.
Singapore Contract Law: Common law principles governing formation and enforcement of contracts in Singapore.
SWIFT Regulations: International standards and protocols for secure financial messaging and wire transfers.
International Sanctions Compliance Requirements: Various international sanctions regimes that must be considered when processing international wire transfers.
Cross-border Transfer Regulations: Regulations governing international money transfers, including reporting requirements and currency controls.
