MAS Notice FSM-N28 — Notice on Reporting of Suspicious Activities and Incidents of Fraud (Holders of Digital Token Service Licence)¶
MAS Notice FSM-N28
30 May 2025
NOTICE TO LICENSED DIGITAL TOKEN SERVICE PROVIDERS FINANCIAL SERVICES AND MARKETS ACT 2022
NOTICE ON REPORTING OF SUSPICIOUS ACTIVITIES & INCIDENTS OF FRAUD
Introduction¶
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This Notice is issued pursuant to section 166(1) of the Financial Services and Markets Act 2022 (the "FSM Act") and applies to a holder of a licence granted under section 138 of the FSM Act ("licensee").
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Except where defined in this Notice or if the context otherwise requires, the expressions used in this Notice have the same meanings as in the FSM Act.
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This Notice takes effect from 30 June 2025.
Report on Suspicious Activities and Incidents of Fraud¶
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A licensee must 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 or incidents of fraud if such activities or incidents are material to the safety, soundness or reputation of the licensee.
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For the purpose of paragraph 4, the report must be in Form F1 and must be lodged no later than 5 working days after the discovery of the activity or incident by the licensee.
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If a licensee has not reported to the Authority a suspicious activity or incident of fraud, it must document the reasons for its decision.
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For incidents of fraud, a licensee must also lodge a police report and submit to the Authority a copy of the police report. If the licensee has not lodged a police report, it must notify the Authority of the reasons for its decision.
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To avoid doubt, a licensee must continue to comply with the provisions in the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 and Terrorism (Suppression of Financing) Act 2002 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.
Form F1¶
SUSPICIOUS ACTIVITIES AND INCIDENTS OF FRAUD REPORT
This report is being submitted by post, fax or encrypted email under:
MAS Notice FSM–N28 under the Financial Services and Markets Act 2022
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 suspicious activity / incident of fraud was discovered; b. the number of clients/users/customers affected by the suspicious activity / incident of fraud; c. details of persons involved in the suspicious activity / incident of fraud; d. the monetary amounts involved; and e. any other relevant information.
If available, please attach supporting documents such as written and signed statements, investigation reports and police reports.
3. Reasons why the suspicious activity / incident of fraud 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: ____