MAS Enforcement Actions Register¶

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View the list of formal regulatory and enforcement actions taken by MAS for breaches of laws and regulations administered by MAS and related matters.

The information will remain on this page for five years from the date of publication, except for prohibition orders which are still in force after five years. Such prohibition orders will remain on this page until they stop being in force. With effect from 1 April 2021, prohibition orders of duration of less than five years will be published only on this page and not on the News page, unless publication on the News page is assessed to be appropriate for reasons of public interest. A financial institution or its agent may, as part of background checks, obtain from MAS records (if any) of prohibition orders previously issued against a person, upon payment of a fee.

Case 1 — Lee Ming Xia Jasmine (22 Mar 2023, 1-year PO)¶

Published Date: 22 March 2023

MAS issues Prohibition Order against Ms Lee Ming Xia Jasmine

Singapore, 22 March 2023… The Monetary Authority of Singapore (MAS) has issued a 1-year prohibition order (PO) against Ms Lee Ming Xia Jasmine, an appointed representative of Prudential Assurance Company Singapore (Pte) Limited (PACS). The PO was issued as a result of Ms Lee's contravention of section 34(1)(a) of the Financial Advisers Act (Cap. 110, 2007 Rev Ed).

Under the PO, which will take effect from 22 March 2023, Ms Lee is prohibited from providing any financial advisory service, and from taking part directly or indirectly, in the management of, acting as a director of, or becoming a substantial shareholder of any licensed or exempt financial adviser under the Financial Advisers Act 2001.

Between June and July 2017, Ms Lee master-minded an arrangement under which she sold PACS policies to six persons, and took up one policy herself, shortly before these policies were assigned to other persons who were not eligible to purchase these policies. Ms Lee submitted false information in the sales documents to PACS in order to circumvent the product eligibility criteria for the policies. As a result of Ms Lee's acts, PACS was deceived as to the identity of the policyowners and payors, and accepted policies for persons who were not eligible to purchase them.

Additional Information¶

Section 34(1)(a) of the Financial Advisers Act (Cap. 110, 2007 Rev Ed)

34.—(1) No licensed financial adviser shall, with intent to deceive, in relation to a proposed contract of insurance — (a) write on a form, being a form that is given or sent to an insurer, any matter that is material to the contract and is false or misleading in a material particular.

Case 2 — Chong Yew Mun Alan (3 Sep 2024, 5-year PO)¶

Published Date: 03 September 2024

MAS Issues Prohibition Order Against Mr Chong Yew Mun Alan for Market Misconduct Offences

Singapore, 3 September 2024… The Monetary Authority of Singapore (MAS) today issued a 5-year prohibition order (PO) against Mr Chong Yew Mun Alan, a former representative of RHB Securities (Singapore) Pte. Ltd. The PO was issued following Mr Chong's conviction in the State Courts for offences under the Securities and Futures Act (SFA) relating to false trading in the shares of Catalist-listed Koyo International Limited (Koyo). Mr Chong's offences have given MAS reason to believe that he will not perform financial advisory and capital markets services honestly.

Between 1 December 2015 and 15 January 2016, Mr Chong had participated and assisted Mr Lin Eng Jue in a scheme to create a false appearance regarding the price of Koyo shares by trading at progressively higher prices. The aim of the scheme was to attract a buyer to acquire the company via a reverse takeover.

On Mr Lin's instruction, Mr Chong carried out trades of Koyo shares in 15 trading accounts using the account holders' login credentials to trade on various brokerage firms' online trading platforms. The brokerage firms did not give consent for the trades to be placed on the instructions of anyone other than the account-holders.

For his actions, Mr Chong was convicted on 9 May 2023 for abetting Mr Lin to commit false trading in Koyo shares, and for deceiving several brokerage firms through the unauthorised use of trading accounts. He was sentenced to 11 weeks' imprisonment on 13 July 2023.

Under the PO, which took effect today, Mr Chong is prohibited from providing any financial advisory service, and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any financial advisory firm under the Financial Advisers Act. He is also prohibited from performing any regulated activity and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any capital markets services firm under the SFA.

Case 3 — Pan Qi (24 Sep 2024, 5-year PO)¶

Published Date: 24 September 2024

MAS issues Prohibition Order against Mr Pan Qi for Dishonest Conduct

Singapore, 24 September 2024… The Monetary Authority of Singapore (MAS) has issued a 5-year prohibition order (PO) against Mr Pan Qi, a former representative of fund management company Nech Capital Pte Ltd (NCPL). The PO was issued following Mr Pan's conviction in the State Courts for engaging in a course of business that operated as fraud under the Securities and Futures Act.

Under the PO, which took effect from 24 September 2024, Mr Pan is prohibited from performing any regulated activity and from taking part in the management, acting as a director, or becoming a substantial shareholder, of any capital markets services firm under the Securities and Futures Act (SFA).

Between 4 January 2019 and 24 July 2020, Mr Pan worked as a trader at NCPL where his responsibility was to trade using NCPL trading accounts to make a profit for a fund managed by NCPL. He executed trades in several securities counters between NCPL trading accounts and accounts belonging to his relatives. Mr Pan's trades were conducted in a manner that profited him (controlling his relatives' accounts) at the expense of NCPL.

On 25 April 2023, Mr Pan was convicted of one count of section 201(b) of the SFA, with two other counts of section 201(b) of the SFA taken into consideration for the purpose of sentencing. He was sentenced to five weeks' imprisonment and a fine of $120,000.

Mr Pan's conviction and contraventions have given MAS reason to believe that he will not perform capital markets services honestly. While Mr Pan is no longer an appointed representative in Singapore, the PO was issued against him to safeguard the integrity of and trust in Singapore's financial sector.

Additional information¶

Section 201(b) of the Penal Code (Cap. 224, Rev Ed 2008)

Under this section, no person shall, directly or indirectly, in connection with the subscription, purchase or sale of any capital market products, engage in any act, practice or course of business which operates as a fraud or deception, or is likely to operate as a fraud or deception, upon any person.

Case 4 — Wong Shi Jun Rachel (9 Sep 2025, 3-year PO)¶

Published Date: 09 September 2025

MAS Issues Prohibition Order Against Former AIA Representative for Misselling Insurance Products to Vulnerable Client

Singapore, 9 September 2025… The Monetary Authority of Singapore (MAS) has issued a 3-year Prohibition Order (PO) against Ms Wong Shi Jun, Rachel under the Financial Services and Markets Act 2022 (FSMA), for misselling insurance products to a vulnerable client with intellectual disability.

Ms Wong was a former appointed representative of AIA Singapore Private Limited (AIA). In her role, her duties included providing advice about investment products and arranging contracts of insurance in respect of life policies.

MAS' investigations revealed that in October 2022, Ms Wong had recommended several insurance policies, including Investment Linked Products with complex features, to a vulnerable client. This was done without due consideration of his financial situation, limited educational qualifications, work and investment experience. MAS found that the client would not be able to afford the premiums payments for the full tenure of the policies.

During the sales process of these policies, Ms Wong was also found to have failed to take reasonable steps to collect and document information regarding the client's financial situation, or to document the basis of her recommendations of policies to the client.

In view of the above, Ms Wong was found to be in breach of section 36(1) of the Financial Advisers Act 2001 and paragraphs 11 and 35 of the Notice on Recommendations on Investment Products. Consequently, MAS is satisfied that Ms Wong is not a fit and proper person, in accordance with the Guidelines on Fit and Proper Criteria under Section 7 of the FSMA.

Under the terms of the PO, which took effect on 9 September 2025, Ms Wong is prohibited from carrying on any activity or business, or providing any service, the carrying on or provision of which is regulated or authorised by MAS, and from taking part, directly or indirectly, in the management of or acting as a director, partner or manager, of any financial institution (FI). For the same duration, she is also prohibited from becoming a substantial shareholder of any FI that is a corporation, or acquiring any interest in any voting share in the FI other than a voting share in which she already has an interest.

MAS requires all FIs and their representatives making recommendations on investment products, to demonstrate that these are suitable for customers, having considered their needs and financial circumstances. When recommending products to vulnerable clients, FIs must implement additional safeguards, and representatives who recommend unsuitable insurance products to vulnerable clients will face stiffer consequences.

Sample Recent Register Entries (as of 17 Mar 2026)¶

The following ten entries are the most recent register snapshot from the MAS enforcement-actions landing page (top of register, as of 17 March 2026). The full register is paginated and contains additional historical entries beyond this snapshot.

Issue Date	Person/Company	Action Type	Title
17 March 2026	Wang Qiming, Liu Kai	Prohibition Order	MAS Issues Prohibition Orders against former Relationship Managers Wang Qiming and Liu Kai
09 March 2026	Capital Asia Investments Pte Ltd	Investigation	Licensed Fund Management Company And Its Officers Investigated For Suspected Money Laundering And Suspected Failure To Comply With Obligations As A Licensed Capital Markets Services Licence Holder
04 February 2026	Jimmy Ling Xiao Ting	Prohibition Order	MAS Issues Prohibition Orders against Jimmy Ling Xiao Ting
14 January 2026	Sun Weiyeh	Prohibition Order	MAS Issues Prohibition Order against Mr Sun Weiyeh
05 January 2026	Eurofin Investments Pte Ltd, Francois Pierre Michel Dotta, Clement Georges Schappler	Composition / Prohibition Order / Reprimand	MAS takes Enforcement Actions against Eurofin Investments Pte Ltd and its Senior Management for Breaches of MAS Regulations
17 November 2025	Ang Yew Jin Eugene	Civil Penalty	MAS Imposes Civil Penalty on Mr Ang Yew Jin Eugene for Insider Trading
29 October 2025	One Heritage Capital Management (SG) Pte Ltd	Revocation/Suspension of Regulatory Status	MAS Revokes the Capital Markets Services Licence of One Heritage Capital Management (SG) Pte Ltd
28 October 2025	Mr Tang Boon Hai	Prohibition Order	MAS Issues Prohibition Order against Mr Tang Boon Hai
23 October 2025	Benjamin Song Junde, Charn Sze Choong	Prohibition Order	MAS Issues Prohibition Orders against Two Individuals Convicted for Insurance Fraud
15 October 2025	Tan Tee Beng	Civil Penalty	Joint Statement by Commercial Affairs Department, Singapore Police Force (CAD) & Monetary Authority of Singapore (MAS)