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.
Notice No. : TCA-N04 Issue Date: 23 January 2013 NOTICE ON REPORTING OF SUSPICIOUS ACTIVITIES & INCIDENTS OF FRAUD Introduction 1.1 This Notice is issued pursuant to section 76 of the Trust Companies Act (Cap. 336) (the “Act”) and applies to all trust companies licensed under the Trust Companies Act and also to all private trust companies exempted from licensing under the Trust Companies Act (hereinafter “trust companies”). 1.2 The expressions used in this Notice shall, except where expressly defined in this Notice or where the context otherwise requires, have the same meanings as in the Act. Report on Suspicious Activities and Incidents of Fraud 2 A trust company shall lodge with the Monetary Authority of Singapore (the “Authority”), a report in the form, manner and within such time as specified in paragraph 4, upon discovery of any suspicious activities and incidents of fraud where such activities or incidents are material to the safety, soundness or reputation of the trust company. 3 For the avoidance of doubt, a trust company shall still file suspicious transaction reports to the Suspicious Transaction Reporting Office, Commercial Affairs Department of the Singapore Police Force, as required under the various Prevention Of Money Laundering and Countering The Financing Of Terrorism Notices applicable to it. For incidents of fraud, a trust company should lodge a police report and submit to the Authority a copy of the report. Where the trust company has not lodged a police report, it should notify the Authority of the reasons for its decision. 4 For the purpose of paragraph 2, the report shall be in Form F1 (“Suspicious Activities & Incidents of Fraud Report”) and shall be lodged not later than 5 working days after the discovery of the activity or incident by the trust company. 5 Where a trust company has not reported to the Authority a suspicious activity or incident of fraud, it shall document the reasons for its decision. 6 This Notice shall take immediate effect.
Form F1 SUSPICIOUS ACTIVITIES AND INCIDENTS OF FRAUD REPORT This report is being submitted by post, fax or encrypted email under: Notice No. TCA-N04 under the Trust Companies Act (Cap. 336) 1 Identification details of reporting financial institution Reporting FI: Reporting Officer: (CEO / Principal Officer / Director) Designation: Contact Officer: (if different from Reporting Officer) Designation: Telephone number: Email address: 2 Details of suspicious activity / incident of fraud that is material to the safety, soundness or reputation of the financial institution Please include information on: a. date and circumstances under which the activity / incident was discovered; b. the number of clients/users/customers affected by the incident; c. details of persons involved in the suspicious activity; d. the monetary amounts involved; and e. any other relevant information.
Form F1
Where available, please attach supporting documents such as written and signed statements, investigation reports and police reports. 3 Reasons why the activity / incident is material to the safety, soundness or reputation of the financial institution.
4 Reasons for not lodging a police report on the incident of fraud.
Signature: _________________________ Date: _________________________