25
Prohibition orders
Warnings
Based on figures from Enforcement Report 2019/2020.
- Ravi Menon, Managing Director, MAS
MAS Sets Up Dedicated Departments to Combat Money Laundering and Strengthen Enforcement
MAS’ enforcement approach has three aims:
Our Enforcement Monograph (875.7 KB) sets out more information on the approach that MAS takes towards enforcement, the role that enforcement plays in financial industry oversight and MAS’ enforcement powers and strategy.
Our Enforcement Report builds on the monograph. It provides updates on enforcement matters in the financial markets, highlights key outcomes and outlines priorities for the future. The report is published once every 18 months.
View document: Enforcement Report 2019/2020 (933.8 KB)
View the list of formal regulatory and enforcement actions taken by MAS for breaches of laws and regulations administered by MAS and related matters.
MAS published its Enforcement Report today, covering the period January 2019 to June 2020. The report detailed various enforcement actions taken against financial institutions and individuals for breaches of MAS regulations and requirements, including market abuse, financial misconduct, and control breaches related to money laundering.
AGC, CAD and MAS take actions against Goldman Sachs Singapore Pte (GSSP) for its involvement in the 1MDB bond offerings.
MAS has issued lifetime Prohibition Orders against Mr Kevin Michael Swampillai, a former representative and Head of the Wealth Management Services Department of BSI Bank Limited, Singapore Branch.
MAS has issued prohibition orders against a former insurance agent and a former bank employee for fraud and dishonest conduct.
MAS revoked the Capital Markets Services (CMS) licence of Apical Asset Management Pte. Ltd. (AAMPL) on 28 July 2020, for serious breaches of MAS’ Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) requirements. MAS has also reprimanded AAMPL’s CEO and Director Yeh Yin Yee and Director Bernard Kan Cheok Yin for failing to discharge their duties and functions of ensuring that AAMPL complies with all laws and rules governing its operations.
