The Monetary Authority of Singapore (MAS) set a record for the highest civil penalties imposed for financial crimes between January 2022 and June 2023. In its fourth enforcement report, MAS revealed it levied nearly $13 million in civil penalties, primarily for market abuse cases, marking the largest sum to date. These penalties were associated with false trading, insider trading, and disclosure-related violations. Approximately $7.9 million in composition penalties were issued during this 18-month period, with $7.1 million directed at anti-money laundering breaches.
Notable actions taken by MAS included a $3.8 million fine against three banks and an insurer for their involvement in the Wirecard scandal. In August 2022, Noble Group received a $12.6 million fine for publishing misleading financial information. Moreover, in September, MAS imposed a nine-year ban on the co-founders of crypto hedge fund Three Arrows Capital due to false information provided to MAS and breaches of business control requirements.
During this period, MAS issued 18 prohibition orders against unfit financial representatives, with varying lengths of bans. Additionally, joint investigations with the Singapore Police Force’s Commercial Affairs Department led to the conviction of 39 individuals for market misconduct and related offenses. Overall, 455 actions were taken, including reprimands, warnings, and supervisory reminders.
MAS emphasized its efforts to address complex and cross-border misconduct cases, which require collaboration with local and international partners, handling digital evidence, and dealing with novel financial services and products.
Looking ahead, MAS plans to enhance its capabilities to combat misconduct in Singapore’s evolving digital asset ecosystem and keep a close watch on asset and wealth managers. The regulator will introduce rules for the crypto sector, focusing on consumer protection and fair trading practices. It will also intensify supervision of asset and wealth managers, with a particular emphasis on serious regulatory breaches.
Since 2016, MAS has consolidated its enforcement functions across various regulated sectors and is committed to providing transparency regarding its enforcement outcomes and strategies.
By FCCT Editorial Team freeslots dinogame telegram营销
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