MAS enforced over S$20m in penalties in past 18 months

Authorities issued 18 prohibition orders and logged a total of 39 criminal convictions.

The Monetary Authority of Singapore (MAS) handed out S$12.96m in civil penalties and S$7.88m in financial penalties and compositions between January 2022 to June 2023.

About S$7.1m of these penalties are for anti-money laundering related breaches, whilst the civil penalties were for market abuse cases.

MAS also issued 18 prohibition orders issued against unfit representatives.

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A total of 39 criminal convictions of individuals involved in market misconduct and related offences were also imposed during the 18 month period.

Apart from outlining achievements, MAS also listed its enforcement priorities for 2023 and 2024. These include possibly teaming up with foreign regulators and law enforcement agencies, to obtain and share information on errant people and entities. 

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MAS also plans to focus on asset and wealth managers’ compliance with the laws and regulations, particularly in business conduct, anti-ML, and countering the financing of terrorism requirements.