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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.

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October 2020 Regulatory Updates
October 2020 Regulatory Updates

Regulatory actions and industry updates from financial authorities and regulators around the globe in October 2020

September 2020 Regulatory Updates
September 2020 Regulatory Updates

Regulatory actions and updates from financial authorities around the globe in September 2020, including Expert Insights from our partner network