Compliance is one of Triple-A’s core values as its objective is to provide safe and secure digital currencies payment solutions to its partners. In order to achieve this objective, Triple-A 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 digital currency dealing and exchange services.

Singapore is one of the first advanced jurisdictions to provide this type of legal framework in the digital currency industry. It allows the Monetary Authority of Singapore, Singapore’s Central Bank, to only issue licenses to digital currency 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 digital currency 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.

FATF MEMBERS

How Triple-A is ensuring compliance? 

Triple-A 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. Triple-A 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 Triple-A hence a complete ban from its technology. Triple-A is committed to providing safe and secure solutions to its partners.