MAS bans two individuals for fraud and dishonest conduct
MAS has issued prohibition orders against a former insurance agent and a former bank employee for fraud and dishonest conduct.
Enforcement
Information on formal regulatory and enforcement actions taken by MAS for breaches of laws and regulations administered by MAS and related matters.
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
S$16.8M
Financial penalties and compositions
S$698,000
Civil penalties
444
Supervisory reminders
37
Reprimands
223
Warnings
Based on figures from Enforcement Report 2017/2018.
MAS is resolved to ensure that Singapore remains a clean and trusted financial centre.
- Ravi Menon, 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 (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)
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.
What's New
-
-
MAS revokes licence of Apical Asset Management Pte. Ltd for AML/CFT breaches, reprimands its CEO and Board
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 Imposes Composition Penalty of $1,100,000 on Asiaciti Trust Singapore Pte Ltd for AML/CFT Failures
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.
-
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
- Status:
- Open
-
First civil penalty enforcement action for failure to disclose shareholding interests
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).