Regulatory Alerts2013-01-23
Added
Notice FAA-N17 Reporting of Suspicious Activities and Incidents of Fraud
The Monetary Authority of Singapore issued Notice FAA-N17 to require all licensed financial advisers to report suspicious activities and fraud incidents that impact their safety, soundness, or reputation. Advisers 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 police report is not lodged for fraud incidents, the adviser must document the reasons for this decision and notify the Authority accordingly.