Compliance Corner: Monetary Authority Of Singapore

Editorial Staff

21 February 2025

Monetary Authority of Singapore
Singapore’s main financial regulator said that between July 2020 and December last year it imposed a total of S$150,000 in civil penalties for breaches of anti-money laundering controls and slapped 20 prohibition orders on unfit representatives.

The said that in conjunction with the Attorney-General’s Chambers, it had secured criminal convictions of seven people for market misconduct or related offences.

The MAS "has introduced enhanced prohibition order powers in the Financial Services and Markets Bill 2022 in parliament and consulted on proposals to strengthen its investigative powers under MAS-administered Acts." It was also using data analytics to detect “red flags” that indicated the presence of potential mis-selling and other misconduct.

The watchdog said that it wants to be more effective in pursuing breaches of corporate disclosure requirements, and focus more on corporate finance advisory firms and fund management companies that fail to comply with business conduct requirements. MAS also wants to look into how investors can seek recourse for losses caused by misconduct.

“MAS has continued to take robust enforcement actions against errant firms and individuals so as to safeguard the integrity of our financial sector. We have also proposed legislative changes to enhance our effectiveness in addressing financial misconduct. We will continue to improve our processes to uphold Singapore's reputation as a trusted financial centre that takes a tough approach to financial crime and misconduct,” Peggy Pao, executive director (Enforcement), MAS, said.