The Monetary Authority of Singapore ("MAS") has recently issued its 4th Enforcement Report. The report details MAS' enforcement actions taken from January 2022 to June 2023 against financial institutions (“FIs”) and individuals for market abuse, financial services misconduct and money laundering related offences. In this period, MAS imposed nearly S$13 million in civil penalties for market abuse cases, namely false trading, insider trading and disclosure-related breaches – the largest amount recorded so far.
The MAS has also indicated that its enforcement priorities for 2023 and 2024 include: (1) enhancing its capabilities to tackle misconduct in the digital asset ecosystem, including by working with foreign regulators and law enforcement agencies to obtain and share information on errant entities and individuals; and (2) continued focus on asset and wealth managers’ compliance with applicable laws and regulations, particularly business conduct and anti-money laundering and countering the financing of terrorism related requirements, as well as holding senior management accountable for lapses of their FIs where appropriate.
The Enforcement Report can be accessed here.
Our Financial Services Regulatory Practice has advised on a broad range of issues that concern Financial Institutions. Reach out to our Financial Services Regulatory Practice Partners Elaine Chan, Rosabel Ng, Chan Jia Hui and Tian Sion Yoong if you have any questions on these latest developments, or find out more about our practice here.