26 November 2020

On 4 November 2020, the Monetary Authority of Singapore (“MAS”) issued a media release stating that it has taken several strong actions against financial institutions (“FIs”) and individuals for market abuse, financial misconduct, and control breaches related to money laundering. This announcement was issued alongside the publication of the MAS’ Enforcement Report covering the period January 2019 to June 2020 detailing various enforcement actions taken for breaches of MAS regulations and requirements.

In the reporting period, MAS imposed S$11.7 million in civil penalties and S$3.3 million in composition penalties for money laundering-related control breaches. MAS also issued 25 prohibition orders against unfit representatives, and along with the Attorney-General’s Chambers, secured the criminal convictions of nine individuals for market misconduct or related offences.

The average time taken by MAS to complete its reviews and investigations has decreased. Working with other stakeholders, MAS has stepped up its focus on early detection of market misconduct. MAS and the Accounting and Corporate Regulatory Authority established a joint forum to facilitate the review and enforcement of accounting-related and disclosure issues. MAS and the Singapore Exchange jointly published a trade surveillance practice guide to help brokers implement good practices in their trade surveillance operations.

Reference materials

The following materials are available on the MAS website www.mas.gov.sg: