MAS Reprimands Mr Tan Choon Wee for the Omission of Information in an Application to MAS, and Failing to Discharge his Duty and Function as Chief Executive Officer and Director
(a) omitting information in a capital markets services (CMS) licence application to MAS, which made the application misleading in a material respect; and/or
(b) failing to discharge his duty and function as CEO and director.
2 In July 2018, MAS had reprimanded ACPAM
3 Despite the reprimand, ACPAM continued to be late in its submissions to MAS. As the CEO and a director of ACPAM, Mr Tan was primarily responsible for ensuring that ACPAM complied with the regulatory requirements. MAS had also engaged Mr Tan directly for ACPAM’s earlier breaches, and conveyed our expectations with respect to the need to strengthen ACPAM’s compliance record. In addition to the failure to institute processes to prevent a recurrence, Mr Tan had reviewed and signed off on ACPAM’s application to MAS for a CMS licence, which contained various omissions. These omissions, which related to ACPAM’s assessment of the fitness and propriety of its directors and shareholders, made the application misleading in a material respect.
4 MAS takes a serious view of Mr Tan’s lapses. MAS expects CEOs and directors to carry out the duties and functions of their offices effectively, including ensuring that financial institutions comply with regulatory requirements and providing complete and accurate information to MAS. Where appropriate, MAS has taken