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
39#
Criminal Convictions
S$7.88M
Financial penalties and compositions
S$12.96M
Civil penalties
18
Prohibition orders
7
Reprimands
112#
Warnings
49#
Letter of Advice
287
Supervisory reminders
Based on figures from Enforcement Report 2022/2023 for the period between 1 January 2022 to 30 June 2023.
#Includes all cases under the MAS-CAD Joint Investigation Arrangement.
MAS is resolved to ensure that Singapore remains a clean and trusted financial centre.
- Ravi Menon, former 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 2022/2023 (963.6 KB)
View past Reports:
Enforcement Report 2017/2018 (1.35 MB)
Enforcement Report 2019/2020
(868.6 KB)
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 Reports Robust Enforcement Outcomes and Enhances Disclosure of Statistics
MAS issued its 4th Enforcement Report on 19 September 2023. Published every 18 months, the report updates on enforcement matters in the financial markets, highlights key outcomes and outlines MAS' enforcement priorities.
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MAS steps up enforcement actions against market abuse and financial misconduct
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.
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AGC, CAD and MAS take action against Goldman Sachs (Singapore) Pte. on 1MDB bond offerings
AGC, CAD and MAS take actions against Goldman Sachs Singapore Pte (GSSP) for its involvement in the 1MDB bond offerings.
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MAS Bans Kevin Michael Swampillai for Life
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.
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Consultation Paper on the New Omnibus Act for the Financial Sector
This consultation seeks views on the harmonised and expanded power to issue prohibition orders, the regulation of virtual asset service providers created in Singapore for anti-money laundering and countering of financing of terrorism purposes, the harmonised power to impose requirements on technology risk management, and the provision of statutory protection from liability to mediators, adjudicators and employees of an operator of an approved dispute resolution scheme.
- Consultation number:
- P002-2020
- Start date:
- 21 July 2020
- Closing date:
- 20 August 2020
- MAS response date:
- 14 February 2022