MAS imposes 5-year prohibition order on former DBS representative

He also received a one-week imprisonment sentence.

The Monetary Authority of Singapore (MAS) has issued a 5-year prohibition order (PO) against former DBS representative Muhammad Hafiz Bin Ismail for dishonest conduct.

The MAS issued the  PO following Hafiz’s conviction by the State Courts for intentionally obstructing the course of justice and separate contraventions of the Financial Advisers Act (FAA) and the Securities and Futures Act (SFA).

Starting 20 May, Hafiz is prohibited from providing any financial advisory service, participating in management as a director, or becoming a substantial shareholder of any financial advisory firm.

Hafiz is prohibited from engaging in any regulated activity, participating in management as a director, or becoming a substantial shareholder of any capital markets services firm.

In January 2018, the police informed Hafiz that his uncle had been arrested for theft-related offences. Following this, Hafiz instructed his colleague to relocate a safe belonging to his uncle from Hafiz’s business premises to prevent the police from locating it.

Hafiz received a one-week imprisonment sentence on 25 May 2022 for abetting the offence of intentionally obstructing the course of justice.