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.
Notice No. : MAS 1112 Issue Date: 23 January 2013 NOTICE ON REPORTING OF SUSPICIOUS ACTIVITIES & INCIDENTS OF FRAUD Introduction 1.1 This Notice is issued pursuant to section 28(3) of the Monetary Authority of Singapore Act (Cap. 186) (the “Act”) and applies to all financial institutions, excluding money brokers, approved under section 28 of the Act (“financial institutions”). 1.2 The expressions used in this Notice shall, except where expressly defined in this Notice or where the context otherwise requires, have the same meanings as in the Act. Report on Suspicious Activities and Incidents of Fraud 2 All financial institutions shall lodge with the Monetary Authority of Singapore (the “Authority”), a report in the form, manner and within such time as specified in paragraph 4, upon discovery of any suspicious activities and incidents of fraud where such activities or incidents are material to the safety, soundness or reputation of the institution. 3 For the avoidance of doubt, financial institutions shall still file suspicious transaction reports to the Suspicious Transaction Reporting Office, Commercial Affairs Department of the Singapore Police Force, as required under the various Prevention Of Money Laundering and Countering The Financing Of Terrorism Notices applicable to it. For incidents of fraud, a financial institution should lodge a police report and submit to the Authority a copy of the report. Where the financial institution has not lodged a police report, it should notify the Authority of the reasons for its decision. 4 For the purpose of paragraph 2, the report shall be in Form F1 (“Suspicious Activities & Incidents of Fraud Report”) and shall be lodged not later than 5 working days after the discovery of the activity or incident by the financial institution. 5 Where a financial institution has not reported to the Authority a suspicious activity or incident of fraud, it shall document the reasons for its decision. 6 This Notice shall take immediate effect.
Form F1 SUSPICIOUS ACTIVITIES AND INCIDENTS OF FRAUD REPORT This report is being submitted by post, fax or encrypted email under : Notice No. MAS 1112 under the Monetary Authority of Singapore Act (Cap. 186) 1 Identification details of reporting financial institution Reporting FI: Reporting Officer: (CEO / Principal Officer / Director) Designation: Contact Officer: (if different from Reporting Officer) Designation: Telephone number: Email address: 2 Details of suspicious activity / incident of fraud that is material to the safety, soundness or reputation of the financial institution Please include information on: a. date and circumstances under which the activity / incident was discovered; b. the number of clients/users/customers affected by the incident; c. details of persons involved in the suspicious activity; d. the monetary amounts involved; and e. any other relevant information.
Form F1
Where available, please attach supporting documents such as written and signed statements, investigation reports and police reports. 3 Reasons why the activity / incident is material to the safety, soundness or reputation of the financial institution.
4 Reasons for not lodging a police report on the incident of fraud.
Signature: _________________________ Date: _________________________