In Singapore Travel Rule requirements are set forth in the Notice PSN02 Prevention of Money Laundering and Countering the Financing of Terrorism – Digital Payment Token Service (MAS Notice) and the MAS' Guidelines to Notice PSN02 (MAS Guidance) (together "Regulations").
Threshold
Amount | Currency | Source |
1500 | SGD | Section 13 (II) and (III) MAS Notice |
In Singapore, “Value Transfers” must be accompained by Travel Rule data transfers regardless of the transaction amount. Singapore requires a limited scope information to be transmitted when the transaction is below or equal to SDG 1,500 - see section 13.4 of the MAS Notice. Hence, in Notabene’s system:
If the originator VASP is from Singapore, all blockchain transactions will be categorized as “Travel Rule”
The data fields included in a Travel Rule data transfer from a Singaporean VASP will vary, depending on whether or not the amount of the underlying blockchain transaction is above SDG 1,500
Required Originator and Beneficiary information vs Notabene system
Party to the TX | Required information (*) | IVMS field | Required < Threshold? | Required > Threshold? (**) |
Originator | Name |
| Yes | Yes |
Originator | Account number |
| Yes | Yes |
Originator | Residential address |
| No | OR |
Originator | Unique identification number |
| No | OR |
Originator | Date and place of birth |
| No | OR |
Beneficiary | Name |
| Yes | Yes |
Beneficiary | Account number |
| Yes | Yes |
(*) According to Section 13.4 and 13.6 of the MAS Notice.
(**) YES = Required ; OR = Alternative fields