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 DisclosuresAtoms / Icons / plusExpand

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

      Read more
      Business ConductAtoms / 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 ComplianceAtoms / Icons / plusExpand

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

      Read more
      Investor CompensationAtoms / Icons / plusExpand

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

      Read more
      Senior Management AccountabilityAtoms / 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.

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