Overview
The Enforcement Department investigates suspected misconduct and breaches of laws administered by MAS. Through robust and proportionate enforcement, MAS seeks to deter misconduct, uphold high standards of conduct, and maintain confidence in Singapore's financial industry.
Key Figures
19#
Criminal Convictions
S$29M
Financial Penalties and Compositions
S$307,000
Civil Penalties
23
Prohibition Orders
3
Licence Revocations
43
Reprimands
150#
Warnings
38#
Letters of Advice
352
Supervisory Reminders
Based on figures from Enforcement Report 2025/2026 for the period between 1 January 2025 to 30 June 2026.
#Includes all cases under the MAS-CAD Joint Investigation Arrangement.
Effective enforcement supports confidence in Singapore's financial markets and regulatory framework.
- Lynn Tan, Executive Director, Enforcement Department, MAS
Enforcement Report 2025/2026 Opening Message
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 (442.6 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.
Building on the monograph, our Enforcement Reports provide updates on enforcement matters in the financial markets, highlight key outcomes and priorities for the future. It is published once every 18 months, with past reports available on the same page.
View latest Report:
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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Enforcement Report 2025/2026
The MAS Enforcement Report 2025/2026 covers the period between 1 January 2025 and 30 June 2026, highlighting key enforcement outcomes alongside broader efforts to uphold fair and orderly financial markets, deter misconduct, and protect consumers and investors.
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Consultation Paper on Measures to Enhance Investor Recourse Avenues in Market Misconduct Cases
This consultation paper seeks feedback on the proposed measures to enhance investor recourse avenues in market misconduct cases.
- Consultation number:
- P015-2025
- Start date:
- 24 October 2025
- Closing date:
- 31 December 2025
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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.