MAS records highest civil penalties for financial crimes in latest enforcement report

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MAS records highest civil penalties for financial crimes in latest enforcement report
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From Jan 2022 to June 2023, it imposed nearly $13m in civil penalties for market abuse cases. Read more at straitstimes.com.

On Sept 14, MAS said it had imposedcollapsed in June 2022.

Between January 2022 and June 2023, MAS issued 18 prohibition orders against unfit financial representatives. Of these, 12 individuals were banned from the financial industry for one to five years, five people were banned for six to 10 years, while one person was banned from re-entering the industry for more than 10 years.

“Such cases involve multifaceted and cross-border misconduct, requiring intensive collaboration with both local and overseas enforcement partners; voluminous digital evidence; as well as novel financial services and products,” she said. In its outlook, MAS said it would enhance capacities to tackle misconduct in Singapore’s digital asset ecosystem, which is still evolving, even as it continues to keep tabs on asset and wealth managers.

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