Singapore, 19 May 2022… Ms Yuen Pui Leng Eunice and Ms Tan Zhen Zhi, Grace, insurance agents of Prudential Assurance Company Singapore (Pte) Ltd (PACS), were charged today for offences under the Financial Advisers Act¹ (FAA). Ms Yuen was further charged for an offence under the Penal Code² (PC).

2 On 14 September 2018, while being an insurance agent of PACS, Ms Yuen was notified to attend an interview with MAS to record a statement in connection with an ongoing investigation. Ms Yuen is accused of having caused Ms Tan to create false entries in the documents of PACS in the period between such notification and the scheduled interview. These documents were coaching forms that contained particulars of coaching sessions which Ms Yuen was required to perform as a supervisor. Ms Yuen then furnished these documents to MAS in the course of investigations. Ms Yuen is also accused of having intentionally deleted messages from her mobile phone ahead of the scheduled interview knowing that the information was likely to be required by MAS as part of its investigation.

3 Ms Yuen faces 6 charges, comprising 2 counts of wilfully causing false entries to be made in documents of PACS under section 85(1)(a) of the FAA, 2 counts of furnishing the said falsified documents to MAS under section 76(2) of the FAA, 1 count of providing false or misleading information to an investigating officer of MAS during an interview under section 71I(3) of the FAA, and 1 count of intentional obstruction of justice under section 204A of the PC for deleting messages from her mobile phone prior to her interview with MAS.

4 Ms Tan faces 2 charges under section 85(1)(a) the FAA for wilfully making false entries in documents of PACS.

5 For each charge of section 85(1)(a) Ms Yuen and Ms Tan face a fine not exceeding $100,000 or imprisonment for a term not exceeding 2 years, or both. For each charge of sections 76(2) and 71I(3) of the FAA, Ms Yuen and Ms Tan face a fine not exceeding $50,000 or imprisonment for a term not exceeding 2 years, or both. If convicted of the charge under section 204A of the PC, Ms Yuen faces imprisonment for a term of up to 7 years, or a fine, or both.