Decrease font size Increase font size Print this page Media Releases Published Date: 19 September 2023

MAS Reports Robust Enforcement Outcomes and Enhances Disclosure of Statistics

Singapore, 19 September 2023… The Monetary Authority of Singapore (MAS) issued its 4th Enforcement Report (963.6 KB) today, detailing robust enforcement actions taken against financial institutions (FIs) and individuals for market abuse, financial services misconduct and money laundering (ML) related offences.

1. The Report covers enforcement actions taken during the period January 2022 to June 2023 for breaches of MAS’ regulatory requirements. These include:

• High-profile actions against four financial institutions in relation to their dealings with Wirecard-linked persons, as well as against Noble Group Limited and individuals relating to Three Arrows Capital.
• $7.10 million in composition penalties for anti-ML related breaches and $12.96 million in civil penalties for market abuse cases.
• 18 prohibition orders issued against unfit representatives.
• 39 criminal convictions of individuals involved in market misconduct and related offences; a result of joint investigations with the Singapore Police Force’s Commercial Affairs Department (CAD).

• The Report includes new features to provide more granular disclosure of MAS’ enforcement activities and more comprehensive coverage of the combined investigation efforts of MAS and the CAD in tackling offences under the Securities and Futures Act and the Financial Advisers Act:

• Statistics on cases opened for review and investigation during the reporting period, broken down by offence types.

• More details on enforcement outcomes in terms of offence types.

• MAS’ enforcement priorities for 2023 and 2024 include:

• Enhancing capabilities to tackle misconduct in the digital asset ecosystem, including by working with foreign regulators and law enforcement agencies to obtain and share information on errant entities and individuals.

• Continued focus on asset and wealth managers’ compliance with the applicable laws and regulations, particularly business conduct and anti-ML and countering the financing of terrorism requirements, and holding senior management accountable for their FI’s lapses where appropriate.

• Ms Peggy Pao, Executive Director (Enforcement), MAS, said, “MAS has taken strong enforcement actions and deepened relationships with our partners to uphold the integrity and reputation of Singapore as a trusted financial centre. Even as the novelty and complexity of our cases increase, we will continue to administer an effective and fair enforcement regime in order to deter misconduct, protect consumers and maintain investor confidence.”

Additional Information:

The MAS Enforcement Report provides updates on enforcement matters in the financial markets, highlights key outcomes and outlines priorities for the future. It is published once every 18 months. Please refer to the MAS website for more information and past Enforcement Reports.

• MAS Enforcement Report 2022/2023 Infographic (11 MB)

• MAS today issued a 9-year prohibition order against a former representative of OCBC Bank, Mr Hoi Wei Kit, following his conviction for offences under the Penal Code and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act.

• MAS has reprimanded China Capital Impetus Asset Management Pte. Ltd. (CCIAM), a registered fund management company, for breaches of the Securities and Futures (Licensing and Conduct of Business) Regulations (SFR). MAS has also issued a Prohibition Order against CCIAM’s Executive Director and former CEO, Mr Sun Quan, for failing to take reasonable steps to secure compliance by CCIAM with the SFR. In addition, MAS has declined CCIAM’s application to upgrade to a licensed fund management company.

• MAS has reprimanded RVP One Pte. Ltd. and its CEO and director, Mr Viktor Panisch, for breaches of the Securities and Futures (Licensing and Conduct of Business) Regulations.
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