Regulatory Alerts2024-10-24
Added
Guidelines on Shared Responsibility Framework
The Monetary Authority of Singapore and the Infocomm Media Development Authority issued these Guidelines to implement the Shared Responsibility Framework for phishing scams effective 16 December 2024. The document defines the roles and accountabilities of consumers, financial institutions, and telecommunications companies in mitigating fraud and allocating responsibility for scam-related losses. It mandates payouts to affected victims when regulated entities breach their assigned duties and clarifies the operational workflow for reporting such incidents.