Keynote Speech by Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), Monetary Authority of Singapore, at the ACAMS 12th Annual AML & Anti-Financial Crime Conference – APAC on 27 April 2021
MAS Bans Kevin Michael Swampillai for Life
Singapore, 23 October 2020… The Monetary Authority of Singapore (MAS) has issued lifetime Prohibition Orders (POs) against Mr Kevin Michael Swampillai, a former representative and Head of the Wealth Management Services Department of BSI Bank Limited, Singapore Branch (BSIS)
2 From 2012 to 2013, Mr Swampillai and his then subordinate, Mr Yeo Jiawei
3 Mr Swampillai also deliberately made misrepresentations to 1MDB’s auditors, KPMG Malaysia, in an attempt to improperly influence the outcome of an audit carried out by them on 1MDB’s fiduciary fund investments. He misrepresented that the assets held by PetroSaudi Oil Services Limited (PSOSL), one of 1MDB’s investments, were liquid in nature and mostly cash, even though he knew that PSOSL’s assets comprised two drill ships.
4 Mr Swampillai’s actions have given MAS reason to believe that he will not carry out regulated activities honestly. On account of the severity of his misconduct, MAS has prohibited him permanently from performing any regulated activity under the Securities and Futures Act (SFA) and providing any financial advisory service under the Financial Advisers Act (FAA). He is also permanently prohibited from taking part in the management, acting as a director, or becoming a substantial shareholder of any capital market and financial advisory services firm under the SFA and FAA.