MAS Reports Strong Enforcement Outcomes and Publishes Updates on Major Investigations
Singapore, 27 April 2022…In its latest Enforcement Report published today, the Monetary Authority of Singapore highlighted the strong enforcement actions taken against financial institutions (FIs) and individuals for breaches of laws and regulations administered by MAS. In response to investor and industry feedback, MAS has also introduced a new section in the report providing updates on ongoing high-profile cases such as Hyflux Ltd and Noble Group Ltd, as well as embarked on a study on investor recourse for losses due to market misconduct.
2The highlights of the report, covering the period July 2020 to December 2021, are as follows –
MAS imposed $2.4 million in composition penalties for AML/CFT control breaches and $150,000 in civil penalties. 20 prohibition orders were issued against unfit representatives.
Together with the Attorney-General’s Chambers, MAS successfully secured the criminal convictions of seven individuals for market misconduct or related offences.
Enhancing the effectiveness of enforcement –
MAS introduced enhanced prohibition order powers in the Financial Services and Markets Bill 2022 in Parliament and consulted on proposals to strengthen its investigative powers under MAS-administered Acts.
MAS continued to engage the industry on efforts to identify potential mis-selling and other misconduct early by using data analytics to detect red flags.
Major ongoing case updates –
A new section in the report provides status updates on selected major cases that are under investigation. Through such updates, MAS aims to provide greater transparency regarding on-going efforts to pursue complex and high-profile cases.
MAS has also elaborated on its considerations in disclosing information regarding ongoing investigations1. MAS will balance the public’s interest in obtaining information against the need to protect the integrity of investigations and any pending court proceedings.
3MAS’ enforcement priorities for 2022 and 2023 include:
enhancing effectiveness in pursuing breaches of corporate disclosure requirements, including through close collaboration with key regulatory and enforcement partners;
stepping up focus on corporate finance advisory firms and fund management companies that fail to comply with business conduct requirements;
studying options for enhancing investors’ recourse for losses due to securities market misconduct;
strengthening focus on holding senior managers accountable for breaches by their FIs or subordinates.
4Ms Peggy Pao, Executive Director (Enforcement), MAS said “MAS has continued to take robust enforcement actions against errant firms and individuals so as to safeguard the integrity of our financial sector. We have also proposed legislative changes to enhance our effectiveness in addressing financial misconduct. We will continue to improve our processes to uphold Singapore's reputation as a trusted financial centre that takes a tough approach to financial crime and misconduct.”
The MAS Enforcement Report provides updates on enforcement matters in the financial markets, highlights key outcomes and outlines priorities for the future. It is published once every 18 months. Please refer to the MAS website for more information and past Enforcement Reports.