Regulatory Alerts2013-01-23
Added
Notice on Reporting of Suspicious Activities and Incidents of Fraud
The Monetary Authority of Singapore issued Notice MAS123 to require all registered insurers to report suspicious activities and fraud incidents that threaten their safety, soundness, or reputation. Insurers 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 filed, the insurer must document and notify the Authority of the specific reasons for that decision.