Regulatory Alerts2013-01-23
Added
Notice TCA-N04 Reporting of Suspicious Activities and Incidents of Fraud
The Monetary Authority of Singapore issued Notice TCA-N04 to mandate that all licensed and exempted trust companies report suspicious activities and fraud incidents material to their safety, soundness, or reputation. Trust 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. The notice requires documentation of reasons if a trust company decides not to report an incident or lodge a police report, and it takes immediate effect.