Regulatory Alerts2019-12-05
Added
PSN03 Notice on reporting of suspicious activities and incidents of fraud
The Monetary Authority of Singapore issued this notice under the Payment Services Act 2019 to require licensees and designated payment system operators to report suspicious activities and fraud incidents. Relevant entities must submit Form F1 to the Authority within five working days of discovery if the matter impacts their safety, soundness, or reputation. The notice also mandates documenting reasons for non-reporting and submitting copies of police reports for fraud incidents while maintaining compliance with existing anti-money laundering obligations.