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Enforcement Actions
 Published Date: 06 July 2026

MAS Issues Prohibition Order against Andrew Tiew Siew Ing for Cheating Offences

Singapore, 6 July 2026… The Monetary Authority of Singapore (MAS) has issued a 10-year prohibition order (PO) under the Financial Services and Markets Act 2022 (FSMA) against Mr Andrew Tiew Siew Ing, a former representative of AXA Insurance Pte Ltd  (AXA).

2. Between March 2018 and June 2019, Mr Tiew induced an individual to transfer money to him for the purchase of fictitious investment plans. Subsequently, he induced the same individual to transfer more money to him, on the pretext that it was to process the sale of Malaysian properties owned by him.  Mr Tiew promised this individual that the sale proceeds would be paid to the individual as repayment for his earlier purported investments. In total, Tiew induced the individual to transfer to him more than S$570,000.

3. On 9 December 2024, Mr Tiew was convicted of two counts of cheating under section 417 of the Penal Code. Four counts of cheating and dishonestly inducing a delivery of property under section 420 of the Penal Code were taken into consideration for the purpose of sentencing. Mr Tiew was sentenced to 32 months’ imprisonment.

4. In view of his offences, MAS is satisfied that Mr Tiew is not a fit and proper person, in accordance with the Guidelines on Fit and Proper Criteria under Section 7 of the FSMA.

5. Under the PO, effective 6 July 2026, Mr Tiew is prohibited for 10 years from carrying on or providing any MAS regulated or authorised activity or business, from participating (directly or indirectly) in the management of any financial institution, and from acting as a director, partner or manager, of any financial institution. He is also prohibited from becoming, or increasing his interest as a substantial shareholder of any financial institution that is a corporation.

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Additional Information

Section 417 of the Penal Code (Cap. 224, Rev Ed 2008)

Under this section, whoever cheats shall be punished with imprisonment for a term which may extend to 3 years, or with fine, or with both.

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