Information on formal regulatory and enforcement actions taken by MAS for breaches of laws and regulations administered by MAS and related matters.


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 Figures

Based on figures from Enforcement Report 2022/2023 for the period between 1 January 2022 to 30 June 2023.

#Includes all cases under the MAS-CAD Joint Investigation Arrangement.


MAS is resolved to ensure that Singapore remains a clean and trusted financial centre.

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 (1.29 MB) 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, highlights key outcomes and outlines priorities for the future. The report is published once every 18 months.

View latest Report: 

Enforcement Report 2022/2023 (963.6 KB)

View past Reports:

Enforcement Report 2017/2018 (1.35 MB)

Enforcement Report 2019/2020 (868.6 KB)

Enforcement Report 2020/2021 (2.07 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.

View enforcement actions

Please refer to Section 7 of our Enforcement Monograph for more information about MAS' approach to making public statements on investigations.

What's New

  • Enforcement Actions Media Releases
    Published Date: 14 September 2023

    MAS issues Prohibition Orders against Three Arrows Capital’s Zhu Su and Kyle Livingston Davies

    MAS has issued nine-year prohibition orders against Mr Zhu Su and Mr Kyle Livingston Davies for contraventions of the Securities and Futures Act 2001 and Securities and Futures (Licensing and Conduct of Business) Regulations. Mr Zhu was the Chief Executive Officer and Director of Three Arrows Capital Pte Ltd, while Mr Davies was the Chairman and Director.

  • Enforcement Actions Media Releases
    Published Date: 05 September 2023

    MAS Bans Mr Ng Chong Hwa for Life

    MAS has issued lifetime prohibition orders (POs) against Mr Ng Chong Hwa, also known as Roger Ng, a former Managing Director of Goldman Sachs (Singapore) Pte. The POs were issued following Mr Ng’s conviction in the United States for conspiracy to launder monies embezzled from 1MDB, and violation of the United States’ Foreign Corrupt Practices Act.