Regulatory Alerts2013-01-23
Added
Notice 641 Reporting of Suspicious Activities and Incidents of Fraud
The Monetary Authority of Singapore issued Notice 641 to require all banks in Singapore to report suspicious activities and fraud incidents that are material to the institution's safety, soundness, or reputation. Banks 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. The notice mandates that banks document reasons for any decision not to report to the Authority or to lodge a police report, and it takes immediate effect.