MAS Reports Robust Enforcement Outcomes and Enhances Disclosure of Statistics

The Monetary Authority of Singapore (MAS) has released its fourth enforcement report today. The report covers enforcement actions taken between January 2022 and June 2023 against violations of MAS regulatory requirements, including:

• Actions taken against four financial institutions and individuals associated with Wirecard, as well as actions against individuals related to Noble Group Limited and Three Arrows Capital.

• Imposition of comprehensive fines totaling $7.1 million for anti-money laundering-related breaches and civil penalties amounting to $12.96 million for market abuse cases.

• 18 prohibition orders against representatives found unfit.

• Conviction of 39 individuals involved in market misconduct and related crimes.

In addition, MAS's enforcement focus for 2023 and 2024 includes:

• Strengthening its capability to address misconduct in the digital asset ecosystem, including cooperation with foreign regulators and enforcement agencies to obtain and share information on suspicious entities and individuals.

• Continued scrutiny of asset and wealth management firms' compliance with applicable laws and regulations, especially in their business conduct and requirements related to anti-money laundering and countering the financing of terrorism, with consideration for holding senior management accountable for their financial institution's failures.