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.
Boosting Compliance Efficiency: How One Broker Dealer Achieved 90% Improvement
Learn how a U.S. broker dealer achieved a 90% improvement in compliance efficiency to scale to billions of dollars a year. Discover how they consolidated KYC, KYB, and AML processes, reduced onboarding times from days to minutes, and transformed compliance into a competitive advantage
Protecting Sensitive Data: How One Law Firm Ensured World-Class Privacy
Learn how a global law firm enhanced client data security and ensured compliance with international privacy regulations using iComply’s secure platform. Discover how they built trust through world-class privacy, encryption, and streamlined compliance.
Navigating the Regulatory Landscape: How One Fintech Stays Ahead of the Curve
Discover how a crypto asset services provider stayed ahead of regulatory changes, including FATF Travel Rule compliance, by using iComply’s automated platform. Learn how they streamlined workflows, reduced compliance risks, and built trust with clients and regulators.