Circular on Financial Institution Incident Reporting
Executive Summary
This MAS circular updates the incident reporting process for financial institutions (FIs), mandating use of a revised template on the MAS-Tx platform for reportable incidents starting 1 February 2026. It standardizes initial notifications and follow-up submissions under applicable regulations, enhancing supervisory efficiency amid rising technology risks. Compliance is critical as it aligns with MAS's focus on operational resilience, with non-adherence risking enforcement actions seen in recent AML/CFT penalties. #
What Changed
- Updated Reporting Template: FIs must use the new FI Incident Reporting Template (65.8 KB) for submitting details of reportable incidents on MAS-Tx, replacing prior formats. https://www.mas.gov.sg/regulation/circulars/circular-on-financial-institution-incident-reporting - Dual Reporting Process: Initial notification required "as soon as possible, but no later than the timeline prescribed" in relevant acts, regulations, notices, circulars, or guidelines; followed by full submission via the updated template on MAS-Tx from 1 February 2026. https://www.mas.gov.sg/-/media/mas/regulations-and-financial-stability/regulatory-and-supervisory-framework/risk-management/trs-circulars/mas-tcrs-2025-08-circular-on-financial-institution-incident-reporting.pdf - Platform Mandate: All subsequent reports
What You Need To Do
- Review and familiarize with the updated FI Incident Reporting Template (downloadable from MAS site)
- Integrate MAS-Tx platform access and training for compliance, IT, and risk teams to handle submissions
- Update internal incident response plans to ensure initial notifications occur "as soon as possible but no later than prescribed timelines" under relevant rules (e
- Conduct gap analysis against related TRM Notices (e
- Test processes via simulations, as recommended in TRM guidelines for incident response readiness
Key Dates
Compliance Impact
Urgency: High – With the effective date of 1 February 2026 now passed (as of current date), non-compliant FIs risk immediate supervisory scrutiny, fines, or enforcement, as evidenced by MAS's S$27.45 million penalties on nine FIs for AML/CFT breaches in 2025. This matters because it operationalizes broader TRM frameworks amid cyber threats, where delayed reporting could amplify disruptions and inv
Who is Affected
Summary
This circular provides guidance on how financial institutions should report incidents to MAS under the various acts, regulations, notices, circulars and guidelines.