MAS revoked the Capital Markets Services (CMS) licence of Apical Asset Management Pte. Ltd. (AAMPL) on 28 July 2020, for serious breaches of MAS’ Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) requirements. MAS has also reprimanded AAMPL’s CEO and Director Yeh Yin Yee and Director Bernard Kan Cheok Yin for failing to discharge their duties and functions of ensuring that AAMPL complies with all laws and rules governing its operations.
MAS sets out enforcement outcomes and priorities in inaugural Enforcement Report
Singapore, 20 March 2019… The Monetary Authority of Singapore (MAS) published its inaugural today. The report outlines MAS’ enforcement priorities and provides greater accountability and transparency into the actions taken against breaches of MAS’ rules and regulations. The report will be published every 18 months. (1.35 MB)
2 To better protect consumers and safeguard public trust in our financial institutions, MAS will focus its enforcement efforts to strengthen:
- Timely and adequate disclosure of corporate information by listed companies;
- Business conduct of financial advisers and their representatives;
- Financial institutions’ compliance with Anti-Money Laundering/Combatting the Financing of Terrorism requirements;
- Brokerage houses’ internal controls to detect and deter market abuse; and
- Surveillance and investigations into suspected insider trading
3 The report also sets out the enforcement actions taken by MAS for the reporting period of July 2017 to December 2018. It provides information on the time taken to complete investigations and key enforcement outcomes during this period. In addition, the report outlines the types of misconduct MAS is currently investigating and the key initiatives MAS has undertaken to uphold Singapore’s reputation as a clean and trusted financial centre.
4 Ms Gillian Tan, Executive Director (Enforcement), MAS said “As Singapore’s financial industry grows in size and complexity, so will the risks of financial misconduct. Enforcement plays a critical role in financial supervision through the detection, investigation and punishment of serious misconduct. This is intended to deter illegal and unethical behaviour and protect consumers. Building on last year’s , the Enforcement Report provides detailed insights into MAS’ enforcement work and priorities, and provides the public and financial sector with a comprehensive picture of our ongoing efforts to preserve the integrity of Singapore’s financial markets.”