Compliance Corner: Monetary Authority Of Singapore Enforcement Report

Editorial Staff

20 October 2023

Monetary Authority of Singapore
The has spelled out how it has imposed S$12.96 million ($9.49 million) in civil penalties and S$7.88 million in financial penalties and compositions linked to enforcement of rules in 2022/23.

The Singaporean regulator summarised actions over the past 18 months in a report issued last week, noting actions against financial institutions linked to their dealings with Wirecard-linked persons, as well as against Noble Group Limited and individuals relating to Three Arrows Capital.

The watchdog said it has issued a total of 18 prohibition orders against “unfit representatives”; it said there were 39 criminal convictions of individuals involved in market misconduct and related offences.

MAS said it intended to enhance its ability to tackle wrongdoing in the area of digital assets, including working with foreign regulators and law enforcement agencies.

The watchdog said it will continue to focus on asset and wealth managers’ compliance with the applicable laws and regulations, particularly business conduct and anti-money laundering and countering financing of terrorism requirements.

Earlier in September, MAS issued nine-year prohibition orders against Zhu Su and Kyle Livingston Davies for breaking the Securities and Futures Act 2001 (SFA) and Securities and Futures (Licensing and Conduct of Business) Regulations. Zhu was the CEO and director of Three Arrows Capital Pte, while Davies was the chairman and director.

From 13 September 2023, Zhu and Davies have been banned from performing any regulated activity and from taking part in the management of, acting as a director of or becoming a substantial shareholder, of any capital market services firm under the SFA.

In another case, MAS imposed lifetime prohibition orders against Ng Chong Hwa, also known as Roger Ng, a former MD of Goldman Sachs (Singapore) Pte. The POs were issued following Ng’s conviction in the US for conspiracy to launder monies embezzled from 1Malaysia Development Berhad (1MDB), and violating the US Foreign Corrupt Practices Act (FCPA).