Banker and Insurance Agent Banned From Providing Financial Advisory Services in Singapore
MAS issued prohibition orders to two individuals for fraud and dishonest conduct
What Happened?
August 19, 2020: The Monetary Authority of Singapore has issued prohibition orders against Mr. Aw Yong Seng, a former representative of Prudential Assurance Company Singapore Pte Ltd, and Mr. Chew Swee Sun, a former representative of Bank of Singapore Limited.
Both individuals were previously charged with false orders for securities, unauthorized trading, and other violations, and convicted to a sentence of 8 weeks – 4 months imprisonment.
The prohibition order restricts Mr. Aw and Mr. Chew from providing any financial advisory services and taking part in the management of any financial advisory firm.
Who Is Impacted?
Bankers, insurance agents, asset managers, and other financial services professionals.
Why This Matters?
Financial services providers must comply with strong client authentication procedures to capture the client’s consent and authorization prior to executing trade orders.
What’s Next?
To better protect themselves, financial services providers should review their user experience and customer journies through onboarding, KYC review, enhanced due diligence, order management, re-authentication, and transaction processing. Compliance teams should review and assess the risk for each channel of client engagement such as face-to-face, video call, phone, email, messaging, web portal, and mobile application.
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Andrew Weiner, Business Development
Andrew Weiner brings a wealth of knowledge to the Business Development team at iComply, with over 15 years of sales and account management, CRM, and talent development experience. Andrew studied Journalism at Ryerson University and is currently studying Computer...
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