Update on Progress of Developing the Equitable Loss Sharing Framework for Scams
Singapore, 18 July 2022...The Monetary Authority of Singapore (MAS) today updated that the draft framework for equitable sharing of losses affecting scam victims will be published for public consultation in the coming months.
2 MAS had announced in February 2022 that it was working with the industry to develop a framework for equitable sharing of losses arising from scams, and had aimed to publish the framework for public consultation in three months’ time. The process of developing the framework is, however, taking longer than expected in view of the complexity of the issues and the importance of ensuring that the loss sharing and accountability approach incentivises all key parties in the ecosystem to be vigilant against scams.
3 MAS is keenly aware of the importance of this framework and will publish the consultation paper as soon as possible.