26 February 2019
On 31 January 2019, the Monetary Authority of Singapore (“MAS”) announced that banks and credit card issuers will be allowed to defer the implementation of the E-Payments User Protection Guidelines (“Guidelines”) to 30 June 2019. The Guidelines were first issued in September 2018 and were originally scheduled to come into effect on 31 January 2019.
The Guidelines aim to set standards in the following areas:
- Setting out the duties of financial institutions (“FIs”) and users for secure e-payment transactions;
- Simplifying error resolution processes when a user sends money to the wrong recipient; and
- Apportioning liability between FIs and users for unauthorised transactions.
The change in the effective start date follows requests by banks for more time to implement the Guidelines in view of the scale and complexity of system changes needed to implement the transaction notification standards for all products and customers as set out in the Guidelines.
The following materials are available on the MAS website www.mas.gov.sg: