MAS has issued four-year prohibition orders against Mr Lau Man Chun, a former representative of an insurance broker, for dishonest conduct relating to the sale of personal accident policies.
Based on figures from Enforcement Report 2019/2020.
MAS’ enforcement approach has three aims:
- Early detection of misconduct and breaches of laws.
- Effective deterrence.
- Shaping business and market conduct.
Our 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.
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.
AGC, CAD and MAS take actions against Goldman Sachs Singapore Pte (GSSP) for its involvement in the 1MDB bond offerings.
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.
MAS has issued prohibition orders against a former insurance agent and a former bank employee for fraud and dishonest conduct.