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Key Findings on MAS Enforcement Report

Key Findings on MAS Enforcement Report from Jan 22 - Jun 23

This month, the Monetary Authority of Singapore (MAS) has released its 4th Enforcement Report, shedding light on the extensive enforcement actions taken between January 2022 to June 2023. This report showcases a robust stance against market abuse, financial services misconduct, and money laundering offences, targeting both financial institutions (FIs) and individuals.

Summary of Achievements from Jan 22 - Jun 23

Summary of Achievements from Jan 22 - Jun 23 | Source of Infographics: MAS

The report provides a detailed account of the enforcement actions taken during this period and underscores MAS's collaboration with the Commercial Affairs Department. It highlights MAS's dedication to enhancing its capabilities, ensuring strict compliance among asset and wealth managers, and holding senior management accountable.

Money Laundering-Related Control Breaches

Among the topics covered, one of the significant areas of concern addressed in the report is Money Laundering-Related Control Breaches.

Key Points of the Enforcement Report

Key Points of the Enforcement Report | Source of Infographics: MAS

Inadequate AML/CFT Controls

MAS identified four FIs—Citibank N.A., Singapore Branch (Citibank), DBS Bank Ltd (DBS), OCBC Singapore (OCBC), and Swiss Life (Singapore) Pte. Ltd.—as having inadequate Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) controls, particularly when dealing with individuals connected to Wirecard AG or its related parties.

In response, MAS imposed composition penalties totalling $3.8 million on these financial institutions for AML/CFT violations linked to the Wirecard case.

Prohibition Orders (PO)

The report also discusses significant prohibition orders against individuals involved in financial misconduct.

  • Life time PO - Ng Chong Hwa, Goldman Sachs

    • Mr. Ng Chong Hwa, also known as Roger Ng, faced legal action in the United States, receiving a 10-year imprisonment sentence for money laundering conspiracy. His involvement in laundering billions of dollars misappropriated from 1MDB led MAS to issue lifetime prohibition orders under the Financial Advisers Act (FAA) and the Securities and Futures Act 2001 (SFA), effective from 5 September 2023.

  • 10 years PO - Raj Sriram, BSI Bank

    • Mr. Raj Sriram received a conditional warning from the Commercial Affairs Department (CAD) due to his neglect, resulting in BSI Bank Limited, Singapore Branch (BSIS), failing to report suspicious transaction reports (STRs) related to 1MDB-related transactions under the MAS Act. Additionally, MAS imposed a 10-year prohibition order on Mr. Sriram, effective from 10 October 2022, citing his role in BSIS's failure to report suspicious transactions.

The release of MAS's 4th Enforcement Report underscores Singapore's commitment to maintaining a robust and transparent financial ecosystem. By taking strong measures against money laundering-related control breaches and holding both individuals and institutions accountable, MAS sends a clear message that financial misconduct will not be tolerated. Are you curious about how you can elevate your compliance processes with RegTech??          



  1. “Monetary Authority of Singapore Enforcement Report”, - Read more

  2. “MAS Enforcement Report Infographic”, - Read more


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Cynopsis Solutions helps companies digitize and automate AML/KYC compliance processes. Our focus is on know-your-customer, anti-money laundering, and counter-terrorism financing. Cynopsis Solutions’ accolades include MAS FinTech Awards, RegTech100, and Financial Times Top 50 High Growth Companies in APAC.Our end-to-end KYC/AML solutions are designed according to the global FATF recommendations and applicable in more than 180 jurisdictions. We've helped firms across various industries, not limited to Banking and Financial Services, FinTech, Blockchain companies and Designated Non-Financial Businesses and Professionals.

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