Compliance is one of TripleA’s core values as its objective is to provide safe and secure crypto payment solutions to its partners. In order to achieve this objective, TripleA complies with local Singaporean policies, PSA 2019, and international recommendations, FAFT.
What is the PSA 2019?
The Payment Services Act, which was passed by the Singaporean Parliament in 2019, provides a legal framework and regulatory requirements for various payment services provided in Singapore, including electronic payments and cryptocurrency dealing and exchange services.
Singapore is one of the first advanced jurisdictions to provide this type of legal framework in the cryptocurrency industry. It allows the Monetary Authority of Singapore, Singapore’s Central Bank, to only issue licenses to cryptocurrency businesses that are fully compliant with these regulations.
What is FATF?
The Financial Action Task Force is an intergovernmental organization that develops recommendations to combat money laundering, terrorism, and organized crime financing. It is working closely with local authorities to monitor compliance with its recommendations and rules.
The FATF has developed recommendations for the cryptocurrency industry. For instance, the Travel Rule mandates Virtual Assets Service Providers to obtain, hold, and exchange information about the originators and beneficiaries of virtual assets transfers.
How TripleA is ensuring compliance?
TripleA is conducting a risk assessment on all the parties, merchants, and end-users, involved in a transaction, at a different time. This risk assessment is carried out based on the PSA 2019 regulations and FATF recommendations. TripleA carries out KYC screening prior to onboard a merchant, transaction screening as well as on-going monitoring on each merchant.
Failure to meet one of the compliance criteria will result in a denial of service from TripleA hence a complete ban from its technology. TripleA is committed to providing safe and secure solutions to its partners.
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