Payments Regulatory Evaluation Programme (PREP)
Published Date: 30 September 2019
Media Release
A new initiative organised by the Monetary Authority of Singapore (MAS) and the Singapore Academy of Law (SAL), the Payment Services Regulatory Assessment Program (PREP) is structured to help connect the Payments Industry with law firms and legal service providers.
Instead of relying on informal referrals, PREP provides the Payments Industry with a streamlined process to gain easy access to a list of specialised lawyers, who are experienced in payment services regulations to meet their compliance needs.
The Payment Industry can also be assured that the regulatory assessment conducted by the legal service provider will be sufficiently comprehensive in scope. Based on a payment firm’s response to a standard questionnaire about its business in Singapore, it can expect to receive a customised assessment report on regulations applicable to its payments business.
