Enforcement Report

The Enforcement Report provides updates on enforcement matters in the financial markets, highlights key outcomes and outlines 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 manipulation through partnership with brokers  

Brokers are key partners in detecting and addressing any suspicious trading activities as they can take action to impose restrictions on customers, suspend accounts and off-board customers. Brokers can help to:

  • Curb undesirable trading behaviour 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 behaviour
  • Complement MAS' focus on deterrence through effective enforcement
Using augmented intelligence to assess likelihood of market manipulation

MAS uses an augmented intelligence system to analyse suspicious trading activities and assess the likelihood that certain types of market manipulation have occurred.


The system helps by:

  • Automating repetitive and manual computation to improve efficiency
  • Modelling rogue trading behaviour using traits identified by human experts
  • Providing analysis and prediction during early stages of the investigation
  • Complement human decision-making abilities through augmented intelligence
Enhanced focus on corporate disclosure cases Case discussion platforms and referral protocols with key stakeholders like SGX RegCo and ACRA have been created and are continuously enhanced, so that all investigative angles in corporate disclosure cases are pursued expeditiously.
Leverage e-Discovery technology to enhance investigations involving voluminous data 

Following its positive experience with the use of Technology-Assisted Review for data visualisation and analytics, MAS is implementing an e-Discovery platform with added features for the end-to-end handling of electronic documents obtained during the course of investigation.


The key objectives of the e-Discovery platform are to:

  • Improve efficiency and effectiveness in managing and reviewing large volumes of data obtained during investigation through collaboration, streamlined document review process, advanced search capabilities, automation and data analytics
  • Improve MAS’ ability to adhere to legal requirements when handling documents with sensitive or confidential information

Looking Ahead

Our key focus areas are tackling market misconduct, breaches of anti-money laundering/countering the finance of terrorism requirements and financial services misconduct.

New enforcement priorities in 2023/2024 include the following:

  • enhancing capabilities in tackling digital asset ecosystem misconduct, through training and engagement with overseas regulators as well as industry players
  • continuing focus on asset and wealth managers as their proper conduct remains vital in ensuring Singapore’s position as a leading asset and wealth management hub