News

Financial Services

Frances Gagua

, Singapore

Published:

5 years ago

MAS takes action against market abuse, financial misconduct

It has imposed a total of $15m in penalties on offenders.

The Monetary Authority of Singapore (MAS) has imposed $15m in total penalties against financial institutions (FIs) and individuals for market abuse, financial misconduct, and control breaches relating to money laundering.

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 offences.

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.

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.

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