MAS reprimands Acesynergy Brokers’ CEO for regulatory breaches

The central bank found weaknesses in its management oversight, amongst others.

The Monetary Authority of Singapore (MAS) has reprimanded Tan Chuan Lam, the CEO and a director of the formerly registered insurance broker Acesynergy Brokers (ABPL) for alleged breaches committed under the Insurance Act. 

MAS had cancelled Acesynergy Brokers' insurance broker registration on 24 July 2024.

Authorities found significant weaknesses in its management oversight, and accounting and compliance processes, which resulted in ABPL’s breaches of MAS’ regulatory requirements and registration conditions. 

ABPL also reportedly failed to comply with MAS’ written directions to remediate inspection findings and appoint an independent external person to review its remediation measures. 

MAS found that Tan was aware of ABPL’s breaches. 

Despite MAS’ repeated engagements with him, he failed to take adequate measures to prevent ABPL from committing the breaches, the central bank added.