Overview
On 1 August 2016, MAS established a dedicated Enforcement Department within which MAS’ enforcement functions and capabilities are centralised. This was aimed at enhancing consistency and expertise in the enforcement functions across the banking, insurance, capital markets and other sectors regulated by MAS.
Key Facts
S$2.59M
Financial penalties and compositions
S$150,000
Civil penalties
20
Prohibition orders
362
Supervisory reminders
23
Reprimands
157
Warnings
Based on figures from Enforcement Report 2020/2021.
MAS is resolved to ensure that Singapore remains a clean and trusted financial centre.
- Ravi Menon, Managing Director, MAS
MAS Sets Up Dedicated Departments to Combat Money Laundering and Strengthen Enforcement
Enforcement Approach
MAS’ enforcement approach has three aims:
- Early detection of misconduct and breaches of laws.
- Effective deterrence.
- Shaping business and market conduct.
Our Enforcement Monograph (1.29 MB) 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 latest Report: Enforcement Report 2020/2021 (2.07 MB)
View past Reports:
Enforcement Actions
View the list of formal regulatory and enforcement actions taken by MAS for breaches of laws and regulations administered by MAS and related matters.
Please refer to Section 7 of our Enforcement Monograph for more information about MAS' approach to making public statements on investigations.
What's New
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MAS issues Prohibition Orders against six individuals for fraudulent and dishonest conduct
MAS has issued five-year prohibition orders (POs) against Mr Chan Jun Yi, Ms Chanel Quah Hui Wen, Mr Lim Zhan Yi, Ms Sherlin Chia Hee Ping, Mr Tang Hong Kong Jackie, and Ms Yvonne Quah. This follows their convictions for tax evasion offences.
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MAS issues Prohibition Order against Yeo Siew Liang James for Corruption
MAS has issued an 8-year prohibition order against Mr Yeo Siew Liang James, following his conviction by the State Courts for corruption offences.
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Former CEO of Hyflux Ltd charged with additional offences under the Companies Act and another independent director of Hyflux Ltd charged with an offence under the Securities and Futures Act
The former CEO of Hyflux, Ms Lum Ooi Lin, was charged in court with additional offences under the Companies Act (Cap 50, 2006 Rev. Ed.)(CA), in relation to her failure to exercise reasonable diligence in the discharge of her duties as a director. In addition, one other independent director of Hyflux, Mr Lee Joo Hai, has been charged with an Offence under the Securities and Futures Act.
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Court Convicts Trader for Fraud and Deceit under the Securities and Futures Act
Mr Pan Qi was convicted and sentenced to 5 weeks imprisonment and fined $120,000 for offences involving fraud and deceit under the Securities and Futures Act (SFA).
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Man Sentenced for False Trading, Unauthorised Trading and Dishonestly Receiving Stolen Property
Mr Tang Boon Hai was sentenced to 30 months’ imprisonment for conspiring to conduct false trading in the shares of KTL Global Limited, trading using the accounts of other persons without the authorisation of the brokerage firm, and dishonestly receiving stolen property. These are offences under the Securities and Futures Act and the Penal Code.