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Compliance Corner - Monetary Authority Of Singapore

Editorial Staff, 21 March 2019


The latest compliance issues in wealth management around the world.

Singapore's main financial regulator has meted out S$16.8 million in financial penalties, almost S$700,000 in civil fines in the period from the middle of 2017 to the end of last year, it said in new data issued this week. It also reported that it had secured one criminal conviction.

The Monetary Authority of Singapore also issued 19 prohibition orders that block individuals from working in the financial industry, 37 reprimands and 223 warnings, the organisation said in its first enforcement report, issued this week. The report is issued once every 18 months.

The only prosecution case last year was of Mok Piak Liang, who was convicted of false trading and jailed for 16 weeks in January 2018.

MAS said that the financial penalties mostly exclude the $30 million in fines imposed on banks in the Asian city-state under MAS' probe into the 1Malaysia Development Berhad scandal as the bulk was applied before July 2017. MAS removed banking licences from Switzerland's BSI and Falcon Private Bank in 2016, for example, because there were serious shortcomings over their handling of illicit funds. Another excluded event from the report was the conviction of Dennis Tey in early 2017; he was jailed for 16 weeks for defrauding contract providers.

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