Singapore Regulator Orders Wealth, Asset Manager To Shut Shop

Josh O'Neill Assistant Editor 13 April 2017

Singapore Regulator Orders Wealth, Asset Manager To Shut Shop

Singapore is continuing to crack down on companies that are unable to meet the city-state's stringent financial regulations.

Singapore's regulator and central bank has revoked the licence of One Asia Investment Partners, an asset and wealth manager headquartered in the city-state. 

The Monetary Authority of Singapore's move means that One Asia Investment Partners is no longer a licensed fund manager and is therefore banned from providing fund management services in Singapore. 

One Asia Investment Partners was last month served a “winding up order” by Singapore's High Court and is in the process of shutting shop, MAS said in a statement. 

“The board of directors and the management team of One Asia Investment Partners had not demonstrated that they were able to manage [the firm] effectively,” MAS said. “[The firm's] financial condition deteriorated and subsequently [it] was issued a winding up order by the High Court of Singapore.”

The watchdog reiterated that every licensed financial institution has a duty to ensure that it has effective management of its operations and financials, and that it remains compliant with MAS' rules and regulations. 

Last year, MAS kicked out Falcon Private Bank and BSI amid its biggest crack down on alleged money laundering. 

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