Regulatory Alerts2013-01-23
Added
Notice 505 Reporting of Suspicious Activities & Incidents of Fraud
The Monetary Authority of Singapore issued Notice 505 to mandate that registered insurance brokers report suspicious activities and fraud incidents material to their safety, soundness, or reputation. Brokers must submit Form F1 to the Authority within five working days of discovery, while maintaining parallel compliance with police reporting requirements under other statutes. If a broker decides not to file a police report, it is required to document and justify the reasons for that decision to the Authority.