Monetary Authority of Singapore Updates E-Payments User Protection Guidelines

The monetary authority of Singapore (MAS) has revised《E-payments User Protection Guidelines》,The updated guidelines do not prevent customers from issuing certain instructions to their financial institutions, which are related to the threshold for transaction notices for electronic payments.


Under the《E-payments User Protection Guidelines》, financial institutions such as banks will provide customers with notice of all electronic payment transactions. These notices allow customers to monitor electronic payment transactions and report unauthorized transactions to their financial institutions in a timely manner.

However, for transaction notices above a specific threshold or belonging to a payment category, when the customer wants to reduce the number of such notifications received, The 《E-payments User Protection Guidelines》have no provisions to allow this.

In response to customer feedback, the Monetary Authority of Singapore(MAS), has updated the guidelines to clarify that customers can still continue to set up their preferred trading notices after the entry into force of the guidelines on June 30, 2019. Because these preferred notification Settings result in fewer notifications being sent to the customer, they may affect the customer’s ability to monitor unauthorized transactions and their liability for such transactions. In this case, MAS wants financial institutions to inform customers of the impact of these responsibilities.