In a continued effort to uphold the integrity of Singapore’s financial sector, the Monetary Authority of Singapore (MAS) has released details of its key regulatory and enforcement actions for the third quarter of 2025 (July to September). These measures underscore MAS’s commitment to deterring misconduct, combating financial crimes, and ensuring that financial institutions and professionals adhere to stringent standards. As a global financial hub, Singapore’s reputation relies on robust oversight, and the latest actions reflect a zero-tolerance approach to breaches ranging from anti-money laundering (AML) failures to unethical sales practices.
The report highlights a variety of enforcement tools employed by MAS, including licence revocations, prohibition orders, composition penalties, and reprimands. These are calibrated to not only punish violations but also to serve as deterrents, safeguarding investor trust and the broader financial ecosystem. Below is a breakdown of the major actions taken during the period:
Licence Revocation and Reprimand for Operational Failures
On July 3, 2025, MAS revoked the Capital Markets Services Licence of Xen Capital Asia Pte Ltd (XCAPL) and issued a reprimand to its Executive Director and former CEO, Ms. Katrina Marie Ku Cokeng. The infractions included failing to submit required returns, notify MAS of changes to the company and key personnel, and pay annual corporate fees. This case emphasizes the importance of basic compliance in maintaining operational integrity within capital markets.
Hefty Penalties for AML Breaches Tied to Historic Case
The following day, on July 4, MAS imposed composition penalties totaling S$27.45 million on nine financial institutions for lapses in AML and countering the financing of terrorism (CFT) requirements. These breaches were linked to the high-profile money laundering scandal from August 2023. Additionally, actions were taken against individuals managing relationships with persons of interest, highlighting the need for enhanced due diligence in high-risk scenarios.
Prohibition Orders for Fraud and Misconduct
MAS issued several prohibition orders under the Financial Services and Markets Act 2022 (FSMA) to bar unfit individuals from the industry:
- On July 10, a 5-year prohibition order was placed on Mr. Jonathan Toh Hong Sen for forging a client’s signature to create an unauthorized insurance policy. This violation raised serious concerns about his fitness to serve as a financial adviser representative.
- On August 26, three individuals—Mr. Liong Yan Sin, Mr. Dinath Silvamany Muthaliyar, and Mr. Ang Kok How—received prohibition orders following convictions under the Computer Misuse and Cybersecurity Act, Computer Misuse Act, and Banking Act. Their offenses involved unauthorized access to bank customer information, breaching data privacy and security protocols.
- On September 9, Ms. Wong Shi Jun, Rachel, was hit with a 3-year prohibition order for misselling insurance products to a vulnerable client with an intellectual disability. This breached sections of the Financial Advisers Act and related notices on investment recommendations.
Composition Penalty and Actions Against Advisory Firm
On September 19, Singlife Financial Advisers Pte. Ltd. (formerly Aviva Financial Advisers Pte Ltd) was fined S$93,750 for inadequate policies on representative recruitment, supervision, and training. This led to broader breaches of the Financial Advisers Act and Regulations. MAS also targeted eight individuals formerly affiliated with the firm for their roles in these lapses.
Reprimand for Due Diligence Failures
Closing out the quarter on September 30, MAS reprimanded Ms. He Shuang, Elaine, a former relationship manager at Credit Suisse Singapore Branch, for failing to conduct proper customer due diligence on several accounts. This action serves as a reminder of the critical role frontline staff play in risk management.
These enforcement activities align with MAS’s broader strategy to foster a culture of accountability. By assessing factors like deterrence and the protection of Singapore’s financial standing, MAS ensures that penalties are proportionate yet impactful. Investors and industry players should take note: compliance isn’t optional, and lapses can result in severe professional and financial consequences.
For financial professionals, this quarter’s actions signal a heightened focus on AML, data security, ethical sales, and operational diligence. As Singapore positions itself as a leader in fintech and sustainable finance, such regulatory rigor will likely intensify to match evolving risks.
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Original source: MAS Media Release
