MAS provides an update on major investigations and highlights enforcement outcomes
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:
Enhancing effectiveness in pursuing corporate disclosure breaches, including through collaboration with key regulatory and enforcement partners
Stepping up focus on corporate finance advisory firms and fund management companies that fail to comply with business conduct requirements
Pursuing strong enforcement actions against Fls for serious lapses in AML/CFT systems and controls
Studying options for enhancing investors’ recourse for losses due to securities market misconduct
For further details on the report, please click here.