Singapore, 23 October 2025… The Monetary Authority of Singapore (MAS) has issued Prohibition Orders (POs) under the Financial Services and Markets Act 2022 (FSMA) against Mr Benjamin Song Junde and Mr Charn Sze Choong, who were convicted for insurance fraud. The details are as follows:

2 Mr Charn was a claims assessor previously employed with Prudential Assurance Co Singapore Pte Ltd (Prudential). In his role, he was responsible for processing insurance claims made by Prudential’s policyholders. Mr Song was Mr Charn’s friend and a former representative with another financial institution.

3 While employed as a claims assessor by Prudential, Mr Charn misused his position and made false claims against insurance policies belonging to others. Mr Charn did so by first misleading Prudential’s administrative staff into adding his or his acquaintances’ bank accounts as beneficiary accounts for insurance policies held by others. He then created fictitious insurance claims against these policies and approved the claims in the system. The proceeds from such claims were paid into, or were subsequently transferred to, Mr Charn’s bank account or used to settle debts he owed to other persons. In total, Mr Charn cheated Prudential of around $1.9 million by making false claims over a period of more than two years.

4 Mr Song was insured under two of the policies which Mr Charn made false claims against. Although he was aware of Mr Charn’s acts, he did not inform Prudential of the false claims, as Mr Charn would use monies received from the false claims to pay off debt owed to Mr Song.

5 On 3 October 2024, Mr Song was convicted of 4 chargesUnder the Penal Code and Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act with another 8 charges taken into consideration, and was sentenced to 18 months and two weeks’ imprisonment. On 22 October 2024, Mr Charn was convicted of 9 chargesUnder the Penal Code, the Computer Misuse Act and the Remote Gambling Act with 17 charges taken into consideration for the purpose of sentencing. Mr Charn was sentenced to 88 months’ imprisonment and a fine of S$1,000.

6 Under the terms of the POs, which took effect on 23 October 2025, Mr Song and Mr Charn are prohibited from carrying on any activity or business, or providing any service, the carrying on or provision of which is regulated or authorised by MAS, and from taking part, directly or indirectly, in the management of or acting as a director, partner or manager, of any financial institution (FI)As defined in section 2 of the FSMA. Both Mr Charn and Mr Song are also prohibited from becoming a substantial shareholder of any FI that is a corporation, or acquiring any interest in any voting share in the FI other than a voting share in which they already have an interest. Mr Charn is further prohibited from performing the functions of handling of funds or assets, risk management and control and critical system administrationAs defined in section 6 of the FSMA.

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