CIRCULAR
To	:	All Compliance Officers and Internal Auditors of PayNet’s Participants
From	:	Risk & Compliance Division, PayNet
Date	:	2 September 2024
Subject	:	Requirements for Independent Assessment (IA) for Year of Assessment 2024
Product	:	All PayNet Products/Services
Reference Number	:	PN-RCD-CD003

 

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Dear Participants,

We are pleased to inform you of the release of the latest Guidelines for Assessment of Compliance to Participation Rules and Operational Procedures for PayNet’s Services v2.5.

Key Updates:

1. Revision to the Guidelines for Assessment of Compliance to Participation Rules and Operational Procedures for PayNet’s Services v2.5 (effective date: 24 May 2024)
   
   The assessment process has been enhanced with new rules and operational procedures expanding its scope. A new amendment designates the Retail Payments Platform (RPP) as a payment system. The frequency of thematic reviews is now aligned with PayNet circulars. Verification of remedial actions for past incidents is required, selected clauses have been separated for clarity, and all outstanding incidents must be reported. 
   
   In addition, details on the new submission requirement via One Stop Portal (OSP) and a hard copy of the submission to the Senior Director of Risk & Compliance Division has been added.
   
   Please refer to the document's revision history for more details.
    
2. Annual Independent Assessment for Year Assessment 2024
   
   Pursuant to the above, we wish to remind you to conduct your annual independen assessment for the year of assessment 2024 based on a risk-based approach. In addition, there will be no Thematic Review as part of the requirements for the submission of the Independent Assessment (IA) Report for the year of assessment 2024. Participants should use the latest report template for submitting the independent assessment report. This template will be available on the One Stop Portal (OSP).
   
   Participants can refer to the guidance notes as outlined in the links section.
    
3. Submission Through One Stop Portal (OSP):
   
   Furthermore, as mentioned in the circular release on Transition to One Stop Portal (OSP) for Risk & Compliance Module, the independent assessment report for the year of assessment 2024 must be submitted through the One Stop Portal (OSP) by 31 March 2025. It is important to note that submission through email is not encouraged and the report submission should be made through the OSP as required. 

We would like to take this opportunity to express our gratitude for the cooperation and timely submission from the participants.

Should you require further clarification, please do not hesitate to contact our Compliance Department  (compliance@paynet.my).

Related Links

• Guidelines for Assessment of Compliance to Participation Rules and Operational Procedures for PayNet’s Services v2.5: Click Here 
• Guidance to Conduct Independent Assessment: Click Here

 

Thank You.

 

Ken Yon Kian Guan
Senior Director 

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Restricted Access and Confidentiality Notice
This document and its contents, including any enclosures, are strictly confidential. Participants are hereby notified of their obligation to ensure the following:

Limited Dissemination:
Circulation of this document and its enclosures is restricted to authorized personnel with a legitimate need to know the information contained herein.

Content Protection:
The contents of this document must not be disclosed or discussed with unauthorized individuals.

Documents Retrieval:
To retrieve the documents in this Circular, you are required to sign in to PayNet One Stop Portal ( https://portal.paynet.my ) with PayNet Single Sign-On (SSO). Within the "CIRCULARS" section, you will find the relevant documents associated with this Circular available for download.