MAS Fourth Enforcement Report: Digital Asset Ecosystem Misconduct to Be Key Enforcement Focus in 2023 and 2024
On September 19, TuoniaoX.com reported that the Monetary Authority of Singapore (MAS) released its fourth enforcement report today. The report covers enforcement actions taken against violations of MAS regulatory requirements from January 2022 to June 2023. These include: targeted actions against four financial institutions' transactions with Wirecard-related parties and focused actions against individuals related to Noble Group Limited and Three Arrows Capital; combined penalties of $7.1 million for anti-money laundering violations,
On September 19, TuoniaoX.com reported that the Monetary Authority of Singapore (MAS) released its fourth enforcement report today. The report covers enforcement actions taken against violations of MAS regulatory requirements from January 2022 to June 2023. These include:
- Targeted actions against four financial institutions' transactions with Wirecard-related parties and focused actions against individuals related to Noble Group Limited and Three Arrows Capital;
- Combined penalties of $7.1 million for anti-money laundering violations and civil penalties of $12.96 million for market abuse cases;
- 18 prohibition orders against unfit representatives;
- 39 individuals convicted for market misconduct and related crimes; this resulted from joint investigations with the Commercial Affairs Department (CAD) of the Singapore Police Force;
MAS enforcement priorities for 2023 and 2024 include:
- Enhancing capabilities to address misconduct in the digital asset ecosystem, including collaborating with foreign regulators and law enforcement agencies to obtain and share information about bad actors and individuals;
- Continued focus on asset and wealth management firms' compliance with applicable laws and regulations, particularly business conduct and anti-money laundering and counter-terrorism financing requirements, and holding senior management accountable for their financial institutions' failures where appropriate.