MAS records highest civil penalties, convictions for financial crimes for 2022/2023

10 months ago 167

SINGAPORE – The Monetary Authority of Singapore (MAS) imposed the highest amount in civil penalties and recorded the highest number of convictions for financial crimes from January 2022 to June 2023, compared with previous 18-month periods.

In its fourth enforcement report issued on Tuesday, the regulator said it had imposed nearly $13 million in civil penalties for market abuse cases – the largest amount recorded so far. The civil penalties were handed out for false trading, insider trading and disclosure-related breaches.

A total of almost $7.9 million in composition penalties were handed out in the 18 months, including $7.1 million for anti-money laundering breaches.

Among the high-profile actions taken by the regulator during the period was the $3.8 million fine on three banks and an insurer for their dealings with people linked to the global Wirecard scandal.

In late June, MAS said DBS Bank, OCBC Bank, Citibank Singapore and insurer Swiss Life Singapore were fined for breaching anti-money laundering and anti-terrorism financing rules relating to the case.

Meanwhile, Noble Group was handed in August 2022 a $12.6 million fine for publishing misleading information in its financial statements, the regulator said.

Last week, MAS said it had imposed

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