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.

MAS has imposed a composition penalty of $1,100,000 on Asiaciti Trust Singapore Pte Ltd (ATSPL) for its failure to comply with MAS’ Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements.

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

Status:

Open

The Monetary Authority of Singapore (MAS) has imposed a civil penalty of $200,000 on Mr Lim Soon Fang for not disclosing changes in, and providing false information regarding his shareholding in Asia-Pacific Strategic Investments Limited (ASIL).

MAS has revoked the Capital Markets Services (CMS) Licence of CT Bright Investment Pte. Ltd. (CTBI) with effect from 9 December 2019.