Regulatory Alerts2013-01-23
Added
Notice 1112 Reporting of Suspicious Activities and Incidents of Fraud
The Monetary Authority of Singapore issued Notice 1112 to require all approved financial institutions to report suspicious activities and fraud incidents that are material to the institution's safety, soundness, or reputation. Institutions must submit Form F1 to the Authority within five working days of discovery, while maintaining separate obligations to file suspicious transaction reports with the police. If a financial institution decides not to lodge a police report, it must document the reasons for this decision and notify the Authority accordingly.