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

      Market Sounding in Hong Kong under SFC Regulations

      The Securities and Futures Commission (hereinafter “SFC”) has introduced Market Sounding Guidelines (hereinafter the “Guideline”), effective from 2 May 2025.…
      Read more

      MAS Reminder - Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) enforcement

      As Singapore’s financial sector continues to develop in size and complexity, the Monetary Authority of Singapore (“MAS”) is continually taking…
      Read more

      The SFC’s Financial Resources Rules – what you need to know

      Regulatory background The Financial Resources Rules (hereinafter “FRR”) stipulated by Cap. 571N Securities and Futures (Financial Resources) Rules (hereinafter “SFO…
      Read more

      SFC’s Revised FRR Form and New Reporting Requirements for Hedge Fund Managers

      Regulatory Shifts for Hedge Fund Managers For the recent years, there have been growing concerns for large hedge fund managers…
      Read more

      Regulatory Update April 2025 – APAC Region

      This APAC Regulatory Update includes Consultation Paper on the Proposed Amendments to Anti-Money Laundering and Countering the Financing of Terrorism…
      Read more

      Reminder of SFC’s Strategic Priorities for 2024-2026

      In January 2024, the Hong Kong Securities and Futures Commission (SFC) unveiled its Strategic Priorities for 2024-2026, aiming to strengthen…
      Read more

      Regulatory Update March 2025 – APAC Region

      This APAC Regulatory Update includes – issuance of response to consultation paper on proposed legislative amendments to the requirements for…
      Read more
      Contact us