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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Praveen Mandal
A serial entrepreneur, Praveen has been involved with and influential in the founding of five successful startups, most notably serving as CEO of Pipal Systems and president of ChargePoint. He is currently an MIT Connection Science Fellow. Praveen has held senior...
Andrew Csinger, INSEAD
Michael Stephens
Mike Stephens is a leading information technology law partner in the Vancouver office of Fasken (formerly Fasken Martineau LLP). A recognized leader in the British Columbia technology ecosystem, Mike represents companies in all stages of their development, with a...
