Enforcement Actions.

MAS took enforcement actions for breaches of laws and regulations administered by MAS and related matters 

Key enforcement outcomes from actions taken by MAS that were published between 1 April 2024 to 31 March 2025 included:

• 5 criminal prosecutions: 4 criminal convictions, with 1 pending court proceedings
  • Sentenced to imprisonment (3 individuals) and imprisonment with fine (1 individual)
    • Convicted for false trading (2 individuals) and deception / fraud under the Securities and Futures Act (2 individuals)
• S$4.4 million in composition: Imposed on 2 capital markets services licensees for AML/CFT breaches 
• S$2.96 million in civil penalties: Imposed for failure to prevent and detect misconduct committed by its relationship managers (1 entity), false trading (6 individuals) and insider trading (1 individual)
• 12 prohibition orders (POs): Issued to persons found to be unfit and improper to conduct regulated activities and other relevant functions for a duration of 1 to 5 years (7 individuals), 6 to 10 years (3 individuals), and more than 10 years (2 individuals)
• 7 other actions taken: Cancellation of Registration License (1 entity) and reprimand (2 entities, 4 individuals) 

Fifth Enforcement Report

14 April 2025

MAS’ Fifth Enforcement Report was published, covering the period July 2023 to December 2024. The Report provided statistics about enforcement actions taken during the reporting period, information about significant cases and outlined priorities for the future.