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.
learn more
Is your AML compliance too expensive, time-consuming, or ineffective?
iComply enables financial services providers to reduce costs, risk, and complexity and improve staff capacity, effectiveness, and customer experience.
Request a demo today.
Matt Masiar, CTO
Matt is a seasoned technical leader that is passionate about building dynamic teams and innovative products. He previously served as Web Team Lead at Plenty of Fish Media, where he was responsible for a number of large-scale technical initiatives. Matt led a team of...
Matthew Unger, CEO
Matthew found early success in his career, becoming one of the youngest executive financial advisors in Investors Group Financial Services’ history at the age of 22. Featured in Canada’s leading financial industry publication Investment Executive, Matthew experienced...
Regtech Platform Launches For Tokenized Securities: ‘Mission To Build A Better Capital Market’
In a recent article published in Benzinga, iComply Investor Services announced the launch of its alpha product and the addition of Manny Alicandro, formerly COO at NASDAQ, to its team of advisors. Hailed as “groundbreaking” for the market, iComply Investor Services...
