MAS bares top 4 priorities for 2022 and 2023

The agency vowed to take a tough approach against financial crime and misconduct.

The Monetary Authority of Singapore (MAS) bared its top four priorities for 2022 and 2023 in its latest Enforcement Report published on 27 April.

MAS said it will enhance its effectiveness in pursuing breaches of corporate disclosure requirements, including through close collaboration with key regulatory and enforcement partners 

The regulatory authority likewise vowed to step up its focus on corporate finance advisory firms and fund management companies that fail to comply with business conduct requirements.

Currently, MAS said it is also studying options for enhancing investors’ recourse for losses due to securities market misconduct.

Lastly, MAS said it will make sure to hold senior managers accountable for breaches by their financial institutions or subordinates. 

From  July 2020 to December 2021, the MAS was able to impose $2.4m  in composition penalties for AML/CFT control breaches and $150,000 in civil penalties, whilst 20 prohibition orders were issued against unfit representatives.

"We will continue to improve our processes to uphold Singapore's reputation as a trusted financial centre that takes a tough approach to financial crime and misconduct,"  Peggy Pao, Executive Director (Enforcement) of MAS, said.