Singapore, 7 May 2026… The Monetary Authority of Singapore (MAS) has issued a 1-year prohibition order (PO) under the Financial Services and Markets Act 2022 (FSMA) against Mr Tan Keng Cheng, a representative of Lim & Tan Securities Pte Ltd (L&T), following his payment of $65,000 to MAS as part of civil penalty settlement agreement for offences of unauthorised tradingPlease refer to the earlier media release on the civil penalty action taken against Mr Tan here ..
2. From January 2019 to May 2019, Mr Tan executed trades in Epicentre Holdings Limited (Epicentre) in three L&T accounts he managed, based on instructions from a third-party, Mr Aw Yong Leon Heng. In doing so, Mr Tan deceived L&T into believing that the account holders had instructed the trades and were the beneficial owners of the shares, when he knew that the instructions were from Mr Aw Yong.
3. In view of Mr Tan’s offences, MAS is satisfied that Mr Tan is not a fit and proper person in accordance with the Guidelines on Fit and Proper Criteria under section 7 of the FSMA.
4. Under the PO, effective 7 May 2026, Mr Tan is prohibited for 1 year from carrying on or providing any MAS regulated or authorised activity or businessAs defined in section 2 of the FSMA, from participating (directly or indirectly) in the management of any financial institution, and from acting as a director, partner or manager of any financial institutionAs defined in section 2 of the FSMA. 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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