It explains the agency’s investigative powers over the financial sector.
The Monetary Authority of Singapore (MAS) revealed its enforcement monograph to provide greater clarity and transparency into how MAS deters, detects, investigates and takes action against breaches of the rules and regulations it administers, an announcement revealed.
Moreover, the monograph outlines how its enforcement department works together with the other financial sector oversight functions in MAS to uphold Singapore’s reputation as a clean and trusted financial centre.
“When misconduct occurs, it is imperative that MAS has the ability to detect, investigate and take decisive action to enforce any breach of our rules and regulations,” MAS assistant managing director for capital markets Lee Boon Ngiap said. “The enforcement monograph provides detailed insights into MAS’ enforcement processes and how we identify and deal with misconduct cases swiftly and fairly, in order to promote market integrity and consumer confidence.”
The new monograph is a revised version of the previous one put up in January 2016. The latest rendition touches the approach that MAS takes towards enforcement, the role of enforcement in the financial industry oversight, and the key areas of MAS’ enforcement practice and powers across the financial industry.
The enforcement approach eyes for early detection of misconduction and law violations, effective deterrence, and to shape business and market conduct.
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