MAS has issued prohibition orders against a former insurance agent and a former bank employee for fraud and dishonest conduct.
Based on figures from Enforcement Report 2017/2018.
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, highlight key outcomes and outline priorities for the future. The report is published once every 18 months.
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:
- Start date:
- 21 July 2020
- Closing date:
- 20 August 2020
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).