Published Date: 23 April 2019

Enforcement Report

The Enforcement Report provides updates on enforcement matters in the financial markets, highlight key outcomes and outline priorities for the future. It is published once every 18 months.
MAS’ enforcement approach has three aims:
  • Early detection of misconduct and breaches of laws.
  • Effective deterrence.
  • Shaping business and market conduct.

How MAS protects investors and upholds market integrity:

 Key Initiatives  
Counter potential market through broker engagement

Brokers are the best party to manage any suspicious trading activities as they can take action to impose restrictions on customers, suspend accoutns and off-board customers.


Objectives of broker engagement:

  • Curb undesirable trading behavior before it escalates
  • Minimise negative market impact from ongoing suspicious trading activities
  • Shape broker conduct and culture through their management of suspicious trading activities
  • Target errant players and limit their ability to benefit from undesirable behavior
  • Complement MAS' focus on deterrence through effective enforcement
Using Augmented Intelligence to detect market manipulation
  • Automates repetitive and manual processes to improve efficiency
  • Models rogue trading behavior using traits identified by human experts
  • Provides analysis and prediction during early stages of the investigation
  • Complements human decision-making abilities through Augmented Intelligence
Detect financial advisory misconduct proactively Large data sets are combined to identify potential misconduct cases using data analytics. This enables MAS to detect and investigate wrongdoings early, so that timely enforcement action can be taken against errant representatives.
Leverage data analytics to enhance supervisory effectiveness

MAS uses data analytics to sharpen and intensify AML/CFT supervision over FIs and activities with higher ML/TF risks.


This includes:

  • Network analysis on suspicious transaction reports
  • Analytics-driven supervisory probes
  • Thematic examinations of higher risk activities

Looking Ahead

The enforcement priorities in 2019/2020 are:

  • Timely adequate disclosure of corporate information for better investor protection.
  • Reviews and assessments of AML/CFT controls in financial institutions.
  • Business conduct of financial advisers and its representatives.
  • Surveillance and investigations into suspected insider trading.
  • Tightening of internal controls to detect and deter market abuse.