fbpx

latest news

For the latest iComply & Global Digital Finance news.

Banker and Insurance Agent Banned From Providing Financial Advisory Services in Singapore

Aug 21, 2020 | Compliance Updates, iComply Insights

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.

Source: https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2020/mas-bans-two-individuals-for-fraud-and-dishonest-conduct

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.

Power in Transparency: Why Comprehensive KYC Protocols Matter
Power in Transparency: Why Comprehensive KYC Protocols Matter

Do you know who you’re doing business with? Organizations must have properly vetted security and identification processes in place to protect their business and clients, particularly to lay a solid foundation for future growth and success. Know Your Customer (KYC)...

Customer Due Diligence You Can Trust: iComplyKYC
Customer Due Diligence You Can Trust: iComplyKYC

Is your customer due diligence process set up for success? Ensuring the safety of digital commerce and virtual asset management have become two of the most important points of conversation when it comes to global securities, specifically when it comes to anti-fraud,...

Payments
Payments

Robust AML/CFT screening and monitoring for any type of payment, easily customizable to fit your back-end workflows.