Skip to main content
Entire section Custom print Text Only Rich Text Print

6.2.3 Fraud Investigation and Reporting

C 8/2020 STA Effective from 25/12/2020
  1. 6.2.3.1Licensed Financial Institutions must have a fraud reporting function to investigate Financial Crime Compliance.
  2. 6.2.3.2When a specific pattern of frauds or deception is identified, a Licensed Financial Institution shall issue timely notifications to Consumers to promote awareness and preventative measures. The Licensed Financial Institution’s notice must provide a contact method for Consumers to report fraud incidents or make inquiries.
  3. 6.2.3.3Licensed Financial Institutions must report all Consumer Complaints arising from external, internal and attempted frauds, as well as any apparent vulnerabilities in the security and online systems to the Central Bank on a quarterly basis.
  4. 6.2.3.4Licensed Financial Institutions must file a summary annual report by January 31st to the Central Bank on the trends and significant incidents of fraud and attempted frauds including a description of the preventative measures taken.