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.
Key Reasons KYC Processes Fail
How effective are your KYC protocols for financial crime compliance? In the first half of 2021, banks and financial institutions accrued over USD $1.9 Billion in AML fines, and current data shows no signs of the trend slowing down. With the EU introducing a new...
Fraud Fundamentals: KYC Tips to Protect Your Business
Is your business effectively managing critical KYC protocols and procedures? As an increasing point of concern and regulation in the global market, Know Your Customer (KYC) practices have become vital tools that protect businesses and their customers from fraudulent...
Stay on Top of Financial KYC and CDD with iComply
In order to stay up to date with increasingly complex and evolving digital security, fraud, and anti-money laundering practices, the United States’ Financial Crimes Enforcement Network (FinCEN) amended the Bank Secrecy Act to introduce final rules with regard to the...
