Regulatory Compliance Updates May 2023 – APAC Region
25 April 2023 – Court convicts trader for fraud and deceit under the Securities and Futures Act
Mr Pan Qi was today convicted and sentenced to five weeks imprisonment and fined $120,000 for offences involving fraud and deceit under the Securities and Futures Act (SFA) [1].
To view the Enforcement Action, please click here.
18 April 2023 – Man sentenced for false trading, unauthorised trading and dishonestly receiving stolen property
On 18 April 2023, Mr Tang Boon Hai was sentenced to 30 months’ imprisonment for conspiring to conduct false trading in the shares of KTL Global Limited (“KTL”), trading using the accounts of other persons without the authorisation of the brokerage firm, and dishonestly receiving stolen property. These are offences under the Securities and Futures Act (“SFA”) and Penal Code (“PC”).
To view the Enforcement Action, please click here.
14 April 2023 – Court convicts two individuals for insider trading and other offences
Mr Tay Yew Khem and Ms Hui Choy Leng have been convicted and sentenced to 12 weeks’ imprisonment and 4 months’ imprisonment respectively for insider trading in the shares of Broadway Industrial Group Limited (BIGL), and for other offences under the Securities and Futures Act (SFA) and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA).
To view the Enforcement Action, please click here.
22 March 2023 – MAS issues Prohibition Order against Ms Lee Ming Xia Jasmine
The Monetary Authority of Singapore (MAS) has issued a 1-year prohibition order (PO) against Ms Lee Ming Xia Jasmine, an appointed representative of Prudential Assurance Company Singapore (Pte) Limited (PACS). The PO was issued as a result of Ms Lee’s contravention of section 34(1)(a) of the Financial Advisers Act (Cap. 110, 2007 Rev Ed).
To view the Enforcement Action, please click here.
15 March – Notice 636 Negotiable Certificates of Deposit
Requirements for banks on the issuance and safekeeping of negotiable certificates of deposit and bearer securities.
To view this Notice, please click here.
14 March 2023 – CMI 02/2023 observations from inspections of licensed venture capital fund managers
This circular sets out MAS’ observations and expectations from inspections of licensed venture capital fund managers.
To view the Circular, please click here.
03 March 2023 – Circular on money laundering and terrorism financing risks in the wealth management sector
This circular reminds all financial institutions (FIs) to stay vigilant to the ML/TF risks in wealth management sector, and sets out MAS’ expectations for FIs to review its existing controls to ensure that they remain adequate to mitigate the ML/TF risks from high growth areas. In conducting its review, FIs should take into account the additional information provided in this circular as well as previous MAS guidance that was issued to the industry.
To view the Circular, please click here.