Regulatory Alerts2013-01-23
Added
Notice 828 Reporting of Suspicious Activities and Incidents of Fraud
The Monetary Authority of Singapore issued Notice 828 under the Finance Companies Act to mandate that all finance companies report suspicious activities and fraud incidents material to their safety, soundness, or reputation. Finance companies 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 and document any reasons for not lodging a police report. This notice takes immediate effect and standardizes the reporting framework for financial institutions in Singapore.