MAS provides an update on major investigations and highlights enforcement outcomes - Waystone

      MAS provides an update on major investigations and highlights enforcement outcomes

      The Monetary Authority of Singapore (MAS) recently provided an update on major investigations pertaining to high-profile cases in Singapore.

      The report shed light on action taken against financial institutions as well as individuals for breaches of laws and regulations.

      The report gave insights into the following:

      • MAS is taking less time to close investigations into financial breaches
      • various actions were taken by MAS for an 18-month period, both on individuals as well as financial institutions
      • a new segment illustrates high-profile cases that were investigated such as Hyflux and Envy Global
      • MAS’ top four priorities for 2022 and 2023.

      The report revealed that a total of S$2.59 million in financial penalties and compositions were imposed against one person and 16 financial institutions of which S$2.4 million were control breaches relating to money laundering or financing terrorism.

      It is useful for financial institutions to take note that MAS is focusing its attention on these key areas:

      Corporate Disclosures image/svg+xml Atoms / Icons / plusExpand

      Enhancing effectiveness in pursuing corporate disclosure breaches, including through collaboration with key regulatory and enforcement partners

      Read more
      Business Conduct image/svg+xml Atoms / Icons / plusExpand

      Stepping up focus on corporate finance advisory firms and fund management companies that fail to comply with business conduct requirements

      Read more
      AML/CFT Compliance image/svg+xml Atoms / Icons / plusExpand

      Pursuing strong enforcement actions against Fls for serious lapses in AML/CFT systems and controls

      Read more
      Investor Compensation image/svg+xml Atoms / Icons / plusExpand

      Studying options for enhancing investors’ recourse for losses due to securities market misconduct

      Read more
      Senior Management Accountability image/svg+xml Atoms / Icons / plusExpand

      Strengthening focus on holding senior managers accountable for breaches by their Fls or subordinates

      Read more

      For further details on the report, please click here.

      To learn more about our APAC compliance services, contact a Waystone Compliance Solutions representative today. 

       Next post
      Share

      More like this

      MAS Tightens AML/CFT Rules: Key Changes Every Financial Institution Must Know

      On 30 June 2025, the Monetary Authority of Singapore (MAS) published its finalised response to consultation feedback on proposed amendments…
      Read more

      Managing Climate-Related Risks: A Fund Manager’s Guide

      Climate-related risks pose significant challenges to fund managers. The Securities and Futures Commission’s (SFC’s) requirements, aligned with global standards, emphasise…
      Read more

      SFC Flags Issues in Managing Private Funds and Discretionary Accounts

      In a circular titled “Deficiencies and Substandard Conduct Noted in the Management of Private Funds and Discretionary Accounts,” the Securities…
      Read more

      Navigating MAS Payment Services Act Changes: 2023–2025

      Singapore has emerged as a global leader in payment services regulation, with the Monetary Authority of Singapore (MAS) pioneering a…
      Read more

      Regulatory Updates June 2025 – APAC Region

      This APAC Regulatory Update includes MAS 2024 thematic review identifies VCC compliance gaps, SFC issues circular on the prevention and…
      Read more

      SFC’s Cyber Security Review of Licensed Corporations

      The Hong Kong Securities and Futures Commission (hereinafter the “SFC”) released its 2023/24 Thematic Cyber Security Review of Licensed Corporations…
      Read more

      MAS Issues Enforcement Actions to Reinforce Compliance Expectations

      In the first week of July, the Monetary Authority of Singapore (MAS) reinforced its commitment to regulatory integrity with two…
      Read more
      Contact us