MAS Takes Action Against Market Abuse, Financial Misconduct

Singapore’s financial watchdog, the MAS has imposed $15m in total penalties against financial institutions and individuals for market abuse and financial misconduct.

November 4, 2020 | AtoZ Markets –  The Monetary Authority of Singapore (MAS) has taken several strong actions against financial institutions (FIs) and individuals for market abuse, financial misconduct, and control breaches related to money laundering.

In its Enforcement Report published Wednesday, covering the period January 2019 to June 2020, MAS detailed various enforcement actions taken for breaches of MAS regulations and requirements.

MAS imposes heavy civil and money-laundering related penalties

In a press release, the regulator said that it has imposed $11.7m in civil penalties and, together with the Attorney-General’s Chambers, secured the criminal convictions of nine individuals for market misconduct and related offenses.

MAS has also imposed $3.3m in composition penalties for money laundering-related control breaches and said that it has issued 25 prohibition orders against unfit representatives.

Related: MAS helps Forex brokers in Singapore to detect market abuse

The regulator shared that it has decreased the average time taken for completing reviews and investigations, from 33 months to 24 months for criminal cases, and from 30 months to 26 months in civil penalty cases.

MAS has continued to strengthen its enforcement regime, as the nature of financial misconduct grows in sophistication and complexity.  MAS has promised to continually refine its processes and increasingly leverage technology to heighten effectiveness and efficiency in investigation.

Ms Peggy Pao, Executive Director (Enforcement), MAS said

“Rigorous investigation and tough enforcement are necessary to deter financial misconduct, protect consumers, and maintain investor confidence. In the four years since we established a centralised Enforcement Department, MAS has deepened our enforcement capability and expertise.  As our financial sector grows in scale and sophistication, a robust enforcement regime will be critical in sustaining Singapore’s reputation as a trusted financial centre.”

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