PSAQ

Frequently Asked Questions (FAQ)

Payment Self-Assessment Questionnaire (PSAQ)

Payment Services Oversight Department (POD)
Version 1.0 – April 2023
Abstract
This document is intended to provide clarifications to the reporting entities (REs) on the
preparation, submission, and general queries of the PSAQ1.

1PSAQ is a self-assessment process to be carried out by approved non-bank issuers of designated payment
instruments, licensed money services business and registered non-bank merchant acquirers (collectively known
as reporting entities or REs). The PSAQ is part of POD's supervisory tools to gauge and assess the REs’
operational management and the industry's compliance with regulatory requirements.

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Table of Contents

1.0 General ....................................................................................................................... 3

2.0 Submission ................................................................................................................ 4
3.0 Endorsement by Board of Directors ......................................................................... 5
4.0 PSAQ Portal Features ................................................................................................ 6
5.0 Others ......................................................................................................................... 7

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1.0 General

No. Questions Answers

1. What is the objective of PSAQ? PSAQ submission is intended to facilitate
BNM to assess operational management
of the REs, gather insights on
implementation issues and challenges as
well as measure associated risks at entity
and industry levels.

PSAQ will also serve as input for BNM to

develop appropriate supervisory plan on
the relevant industries.
2. Based on the questionnaire, we noted When answering the questionnaire, REs
there are lapses and gaps in our are reminded to ensure accuracy of the
business operations. What should my responses by answering truthfully and not
company do? to conceal the lapses or gaps identified.
The response to the questionnaires
should be as per the current state of the
company’s operations.

Upon identifying the gaps or lapses when

responding to the PSAQ, REs should
take necessary steps to rectify the issues
in accordance with regulatory
requirements.
3. Do I still need to submit Compliance and With the implementation of PSAQ, MSB
Audit Assessment Report (CAAR)? licensees are no longer required to
submit CAAR including periodic ML/TF
Note: Applicable only for MSB licensees risk assessment and internal audit report
(where applicable).

However, the Bank may request ML/TF

risk assessment and internal audit report
as supporting document for PSAQ
reporting, where necessary.

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2.0 Submission

No. Questions Answers

1. Who should be responsible for the REs may appoint relevant senior officer
preparation and submission of the to manage the preparation and
PSAQ? submission of PSAQ.

Please be reminded that the Board is

responsible to ensure accuracy and
timely submission of PSAQ to the Bank.
2. Can my company request for additional Currently, the access to the PSAQ portal
access to the PSAQ? is limited to only one person per
company.
3. How do I ensure that my submission There will be an automated email sent
have reached BNM and do I need to from podsupervision@bnm.gov.my to the
notify BNM that I have performed the authorised officer/ submitter for all
submission? successful submission. If there is no
email received, please notify us by
sending an email to
podsupervision@bnm.gov.my.
4. Can we submit the PSAQ assessment in All PSAQ submissions must be done
excel/ PDF format or via email? through the PSAQ portal only.
5. Are there any supporting documents REs are not required to attach any
required to be attached with the reports? supporting documents when submitting
the report. However, REs should keep
the relevant documents for easy retrieval
and submit upon any request from the
Bank.
6. My company is not able to complete the The PSAQ portal will be accessible for 3
submission within the stipulated months and REs are reminded to start
timeline. Can we request for an answering the PSAQ as soon as the
extension of time? portal is open for access. The Bank may
take appropriate enforcement or
administrative actions for any delay or
non-submission of the PSAQ.

In the event where the company is still

unable to complete within the stipulated
timeline, please send an email with
strong and valid justification to
podsupervision@bnm.gov.my within two
weeks before the submission deadline.
7. What are the consequences for delay, Approved non-bank issuers of
non-submission, inaccurate or false designated payment instruments and
submission of PSAQ? registered non-bank merchant acquirers:
i) Delay or non-submission of the
report is a breach under Section
143(1) and 143(4) of the Financial
Service Act 2013 (FSA) where
licensee can be subjected to
relevant enforcement actions.

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No. Questions Answers

ii) Submission of report that is
inaccurate is a breach under
Section 143(3)(b) of the FSA where
licensee can be subjected to
relevant enforcement actions.
iii) Submission of report that is false
or misleading in a material
particular is an offence under
Section 143(3)(a) of the FSA which
on conviction shall be liable to a fine
not exceeding RM25 million or
imprisonment for a term not
exceeding 8 years or both.

Licensed money services business:

i) Delay or non-submission of the
report is a breach under Section 34
of the Money Services Business Act
2011 (MSBA), where licensee can
be subjected to relevant
enforcement actions.
ii) Submission of report that is false,
inaccurate, misleading or
contains material errors or
omissions is an offence under
Section 35 of the MSBA which on
conviction shall be liable to a fine not
exceeding RM5 million or
imprisonment for a term not
exceeding 10 years or both.

3.0 Endorsement by Board of Directors

No. Questions Answers

1. Do we need to submit any form to prove Proof of endorsement by Board of
endorsement by Board of Directors? Directors is to be submitted only if
requested by BNM.
2. Is there any specific method that BNM Endorsement from Board should be
require for us to obtain endorsement based on REs internal governance
from Board of Directors? process.

REs should ensure effective deliberation

by the Board when reviewing and
endorsing the PSAQ responses.
3. Do we need to obtain endorsement from The number of quorum to approve and
all members of Board of Directors? endorse submission of reports to the
Bank (including PSAQ) should be based
on the REs’ Terms of Reference (TOR)
for Board of Directors.

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4.0 PSAQ Portal Features

No. Questions Answers

1. What should I do if I encounter any Please send an email to
technical issue? podsupervision@bnm.gov.my and only
respond to the PSAQ after the team has
resolved the issue.
2. What should I do if my business Please contact
registration number is not listed in the podsupervision@bnm.gov.my for
portal? assistance.
3. a) Is it possible for us to save as draft in a) No, this feature is currently
the PSAQ portal? unavailable on the PSAQ portal.
Users are advised to complete and
submit the questionnaire in a single
session*.

b) Why are the answers not being auto- b) The auto save function is currently not
saved when the portal page is available on the PSAQ portal. Users
refreshed or when we click on the are advised to complete and submit
“Back” button? the answers to the questionnaires in a
single session*.

*Note: If the portal page is refreshed, the

draft answer will not be automatically
saved and users will need to re-enter the
answer. To address this issue, users
may refer to the PDF questions and
prepare the required answers prior to
answering the questions in the PSAQ
portal.
4. Can we submit multiple entries of No. This portal is restricted to a single
answers? attempt only. Once the user clicks the
"Submit" button on the Declaration tab,
the submission is considered final, and
no multiple submissions are permitted.
Please contact
podsupervision@bnm.gov.my for any
technical assistance.
5. Can we print our drafts? Yes. You may print your draft answers
(form) using the “Print” function for each
section*.

*Note: Please keep in mind that once the

form have been submitted, the submitter
will not be able to print the responses. In
this regard, printing must be done before
clicking the "Submit" button.

To print, please right click on each

section and click “Print”.

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No. Questions Answers

6. Can I obtain copy of my assessment This function is currently unavailable.
after submission? REs may print your draft answer as
explained in question 4 above.

5.0 Others

Any updates to the FAQs will be notified to the REs from time to time.
Should you have additional related queries, please submit your queries via any of the following
means:
(a) Mail : Pengarah
Jabatan Pemantauan Perkhidmatan Pembayaran
Bank Negara Malaysia
Jalan Dato’ Onn
50480 Kuala Lumpur

(b) Email : podsupervision@bnm.gov.my

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