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The MAS has published its enforcement report, setting out the actions taken by the Singapore regulator for 18 months to 31st of December. Offering insight into the MAS’ main areas of focus going forward, it’s important for firms to get to grips with these priorities to avoid getting caught out.
Published on 14th April 2025, the report highlighted the following key statistics:
1 July 2023 to 31 December 2024
- 33 criminal convictions: A total of 20 individuals were imprisoned, with others receiving fines. Types of misconduct identified included unlicenced conduct of regulated activity, false trading, deception / fraud under Securities and Futures Act, disclosure-related breaches, and breaches of requirements for offer documents.
- S$7.16 million in civil penalties
- S$4.4 million in financial penalties and compositions: Against two capital markets services licensees for anti-money laundering and counter-terrorist financing (AML / CFT) breaches.
- 22 prohibition orders / One cancellation of registration: Three individuals were banned from re-entering the financial industry for a duration of more than ten years
- 542 other actions taken: These included reprimands, warnings, advice, and reminders.
What does the future look like?
Enforcing AML / CFT controls
In accordance with Singapore’s AML three-pronged strategy – Prevent, Detect and Enforce, the MAS will continue to provide comprehensive guidance on AML / CFT practices to financial institutions (FIs), deepen channels for data sharing amongst and with FIs, and review penalty frameworks to ensure that they remain proportionate and dissuasive.
Building enforcement capabilities in the digital asset ecosystem
The MAS will put in place regulations to address key money laundering (ML) and terrorist financing (TF), technology, and consumer risks. The regulator has also engaged with overseas regulators on best practices for detecting and investigating digital asset-related misconduct. Industry players were also called upon to help deepen the understanding of common misconduct, and technology providers to enhance the regulator’s investigative capabilities.
What priorities did the MAS highlight as ‘evergreen’?
Market abuse
Market abuse undermines the integrity of Singapore’s financial system, erodes public confidence in its capital markets and discourages market participation.
To protect investors and ensure a level playing field for market participants, the MAS has undertaken proactive surveillance for early detection and disruption of potential market abuse. It is collaborating closely with brokers and the Singapore Exchange.
For example, the MAS conducted a series of closed-door engagements with top management of broking firms, with a focus on enhancing its market monitoring and surveillance capabilities.
The main types of market abuse the regulator is investigating includes insider trading, false trading, and disclosure-related breaches.
Financial services misconduct
Financial services firms and their representatives provide vital services to the public. To uphold public confidence in the financial services industry, the MAS is continuing to ensure that firms and representatives are fit and proper and comply with business conduct rules. As Singapore continues to position itself as a leading asset and wealth management hub, the MAS has also been focusing on ensuring the integrity of these sectors.
The main types of financial services misconduct that the regulator is investigating include mis-selling of financial products, breaches of business conduct rules, and serious unfitness and impropriety.
Money laundering – Related control breaches
Singapore being a trusted global financial centre is exposed for ML and TF activities. The MAS is working closely with the Commercial Affairs Department to uncover and address ML and related control breaches. It expects FIs to have robust AML / CFT controls in place to detect and disrupt attempts to abuse Singapore’s financial system for illicit purposes.
How can Bovill Newgate help you improve your AML / CFT controls and manage potential market abuse risks?
We regularly support firms in the following areas:
- AML / CFT: We develop AML / CFT policies and procedures or review existing setups to enhance their robustness. We also provide actionable advice (as part of our ongoing compliance support services) to help put in place appropriate AML / CFT control measures and deal with specific situations. Our support includes the team performing periodic AML / CFT internal audits.
- Market abuse risk assessments: Our proprietary methodology for conducting market abuse risk assessments has been successfully deployed in many firms, large and small.
- Policies and procedures: We can help firms to implement effective policies and procedures to control market abuse risk.
- Surveillance support: We assist firms in selecting surveillance systems, calibrating alerts, and designing case management processes.
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