Effective enforcement supports confidence in Singapore's financial markets and regulatory framework. The decisive enforcement actions taken in this reporting period underscore MAS’ continued commitment to uphold fair and orderly financial markets, deter misconduct, and protect consumers and investors.

This reporting period saw an increase in enforcement activity, driven by higher case openings and a growing pipeline of ongoing investigations. MAS delivered a range of enforcement outcomes that included swift regulatory actions and completed criminal investigations into complex cases involving multiple suspects, extensive evidence review, and assistance from foreign authorities.

Actions taken this year reflect MAS’ continued focus on addressing serious misconduct and egregious non-compliance by financial institutions and individuals. During this reporting period, MAS revoked licences in three cases of serious misconduct or a recurring pattern of non-compliance, and held principal officers and key individuals to account for their oversight failures. MAS will continue to take appropriate enforcement action in egregious cases, including referring matters for criminal prosecution.

MAS also issued composition penalties against fund management companies which did not adequately manage risks arising from their underlying investments and issued prohibition orders against financial advisers who failed to uphold standards of honesty, integrity and professionalism.  

MAS' enforcement philosophy is underpinned by proportionality and the pursuit of better regulatory outcomes. Our objective is not only to address past misconduct but also to encourage improvements in conduct, governance and risk management. By identifying root causes and making practical, sustained improvements, financial institutions strengthen their ability to serve their customers, support sound growth, and contribute to the resilience of Singapore's financial system. 

As an open, trusted and innovative financial centre, Singapore continues to attract new business models, technologies and market participants. As MAS supervises an increasingly diverse range of regulated entities and activities, cases are likely to become more novel and complex. To remain effective in this rapidly evolving environment, we are enhancing our surveillance and analytical capabilities and piloting AI initiatives at key stages of the investigative process. 

We continue to build on our close partnerships with domestic regulatory and law enforcement partners, as well as industry stakeholders to respond swiftly to cases, disrupt misconduct at an early stage, and tackle emerging risks. 

The outcomes highlighted in this report were made possible by the integrity, professionalism and commitment of our officers, as well as the steady support of our partners. Together, their dedication enables MAS to fulfil its mandate, uphold the integrity of our financial sector and markets, and foster the confidence essential to Singapore's standing as a trusted financial centre.

Lynn Tan
Executive Director, Enforcement Department