Enforcement Outcomes
Actions taken for breaches of MAS-administered Acts, Regulations and Notices[1].
Criminal / Civil Penalty Actions
19
Criminal Convictions
Convicted for false trading (7 individuals), insider trading (1 individual), disclosure-related breaches (1 individual), breach of requirements for offer documents (4 individuals), unlicensed conduct of regulated activity (5 individuals), and business conduct rule breaches (1 individual)[2].
Sentenced to imprisonment only (13 individuals), imprisonment with fine/disgorgement of profits (1 individual), and fine only (5 individuals)[3].
$307,000
In Civil Penalties
Imposed on 3 individuals for insider trading.
Regulatory Actions
$29 million
In Financial Penalties and Compositions
Against 7 banks, 6 insurers, 5 major payment institutions, 6 capital markets services licensees, 1 financial advisory firm and 1 individual.
23
Prohibition Orders
1–5 years (14 individuals)
6–10 years (7 individuals)
>10 years (2 individuals)
3
Licence Revocations
2 capital markets services licences
1 major payment institution licence
583
Other Actions Taken
43 reprimands
150 warnings[3]
38 letters of advice[3]
352 supervisory reminders
NOTES:
[1] Includes cases where review/investigation concluded in the previous period but actions were taken in the current period.
[2] Only the primary offences in the cases are listed. These individuals could have been convicted for other offences as well.
[3] Includes all cases under the MAS-CAD Joint Investigation Arrangement.
Reviews and Investigations
233
Cases opened during the reporting period
| Types of cases[1] | Number of cases |
|---|---|
| Insider trading[2] | 75 |
| False trading[2] | 18 |
| Deception / Fraud under the Securities and Futures Act[2] | 20 |
| Disclosure-related breaches[2] | 22 |
| Carrying on regulated activities without licence[2] | 20 |
| Breach of business conduct rules | 9 |
| Breaches of anti-money laundering controls[3] | 31 |
| Matters concerning conduct of individuals[4] | 32 |
| Others[2] | 6 |
NOTES:
[1] Cases are categorised based on the primary offence that triggered the review or investigation. These cases could involve other offences as well.
[2] Includes all cases under the MAS-CAD Joint Investigation Arrangement.
[3] Includes cases against individuals involved in financial institutions’ breaches of anti-money laundering controls.
[4] Refers to a broad range of underlying misconduct including, but not limited to, mis-selling, cheating, forgery and criminal breach of trust.
Average Time Taken for MAS to Complete Reviews and Investigations
44 months
Criminal Investigations
7 months
Regulatory Investigations
7 months
Across All Completed Cases
NOTE:
Average time taken refers to the period from the date a case is opened by Enforcement for review to the date it is referred to AGC for criminal prosecution or civil action, approved for regulatory action, or a decision is made to take no further action.