Warnings
Based on figures from Enforcement Report 2017/2018.
- 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, highlight key outcomes and outline priorities for the future. The report is published once every 18 months.
View document: Enforcement Report 2017/2018 (1.35 MB)
View the list of formal regulatory and enforcement actions taken by MAS for breaches of laws and regulations administered by MAS and related matters.
Three individuals were convicted and sentenced to prison terms of between 20 to 36 months for insider trading offences. The State Court also ordered for the forfeiture of criminal proceeds.
3-year Prohibition Orders were issued against Mr Paris Michele, a former representative of UBS AG, Singapore branch, for dishonest conduct. He had forged letters and falsified emails relating to background checks during his employment with UBS.
MAS imposed a civil penalty of $336,000 on Mr Tham Wai Mun Raphael for insider trading of shares listed in the United Kingdom. The enforcement action reflects MAS' commitment to pursue offenders who commit misconduct, regardless of whether the securities are listed in Singapore or overseas.
Mr Ravi Menon, Managing Director, MAS, spoke on three things the industry and regulators can do together to strengthen trust in finance, with a focus on what Singapore is doing.
In response to a commentary and a letter in The Business Times suggesting for MAS to disclose more on regulatory matters while investigations are ongoing, MAS said it has made timely, relevant, and adequate disclosures of its regulatory findings and actions relating to the 1MDB investigations.
