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Monetary Authority of Singapore: Enforcement priorities for this year and next include enhancing capabilities to address misconduct in the digital asset sector

19/09 18:22
Odaily Planet Daily News The Monetary Authority of Singapore (MAS) released its fourth enforcement report today. The report covers enforcement actions taken against breaches of the HKMA’s regulatory requirements between January 2022 and June 2023, including: - Targeting transactions between four financial institutions and individuals associated with Wirecard and actions against individuals associated with Noble Group Limited and Three Arrows Capital. - A comprehensive fine of $7.1 million for anti-money laundering-related violations and a civil penalty of $12.96 million for market abuse cases. - 18 restraining orders against unqualified representatives. - 39 individuals were convicted of market misconduct and related offences. In addition, the HKMA’s enforcement priorities in 2023 and 2024 include: - Enhanced capabilities to address misconduct in the digital asset ecosystem, including working with foreign regulators and law enforcement agencies to obtain and share information about suspicious entities and individuals. - Continue to monitor asset and wealth managers' compliance with applicable laws and regulations, in particular conduct of business and anti-money laundering and combating the financing of terrorism requirements, and, where appropriate, hold senior management accountable for failings at their financial institutions.