PSN03 Notice on reporting of suspicious activities and incidents of fraud

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MAS Notice No.: PSN03
Notice to licensees, operators of designated payment systems and settlement institutions of designated payment systems Payment Services Act 2019 (Act 2 of 2019) Issue Date: 5 December 2019 NOTICE ON REPORTING OF SUSPICIOUS ACTIVITIES & INCIDENTS OF FRAUD Introduction

1. This Notice is issued pursuant to section 102(1) of the Payment Services Act
   2019 (the “Act”) and applies to all licensees, and all operators and settlement institutions of designated payment systems (each a “relevant entity”).
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.
3. This Notice shall take effect on 28 January 2020.
   Report on Suspicious Activities and Incidents of Fraud
4. A relevant entity shall lodge with the Monetary Authority of Singapore (the
   “Authority”), a report in the form, manner and within such time as specified in paragraph 5, 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 relevant entity.
5. For the purpose of paragraph 4, the report shall be in Form F1 and shall be
   lodged no later than 5 working days after the discovery of the activity or incident by the relevant entity, as the case may be.
6. Where a relevant entity has not reported to the Authority a suspicious activity
   or incident of fraud, it shall document the reasons for its decision.
7. For incidents of fraud, a relevant entity should also lodge a police report and
   submit to the Authority a copy of the police report. Where the relevant entity has

2 not lodged a police report, it should notify the Authority of the reasons for its decision.
8. For the avoidance of doubt, a relevant entity shall continue to comply with
the provisions in the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap. 65A) and Terrorism (Suppression of Financing) Act (Cap. 325) as well as the paragraphs in the applicable Prevention of Money Laundering and Countering the Financing of Terrorism Notices, including the obligation to promptly submit reports on suspicious transactions (including attempted transactions) to the Suspicious Transaction Reporting Office, Commercial Affairs Department of the Singapore Police Force, and extend a copy to the Authority for information.

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Form F1
SUSPICIOUS ACTIVITIES AND INCIDENTS OF FRAUD REPORT This report is being submitted by post, fax or encrypted email under:
Notice No. PSN03 under the Payment Services Act 2019

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. Where available, please attach supporting documents such as written and signed statements, investigation reports and police reports.

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Form F1
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: _________________________