On 14 April 2024, the Monetary Authority of Singapore (MAS) released its fifth Enforcement Report, highlighting major enforcement actions between 1 July 2023 and 31 December 2024.
1. Total Penalties Imposed: S$11.56 Million
During the 18-month period, MAS imposed:
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S$7.16 million in civil penalties
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S$4.4 million in composition and financial penalties
2. 33 Individuals Convicted
Of the convicted individuals:
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19 were sentenced to imprisonment
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13 were fined
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1 received both imprisonment and a fine
Offences included:
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12 cases of false trading
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9 disclosure breaches
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6 instances of unlicensed regulated activities
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5 fraud-related offences
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1 prospectus violation
3. 542 Additional Supervisory Actions
MAS also took 542 non-court enforcement measures:
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305 supervisory reminders
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116 formal warnings
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86 advisory letters
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35 public reprimands
4. Key Case Developments
1. S$3 Billion Money Laundering Case: MAS is reviewing financial institutions’ AML/CFT lapses.
2. Eagle Hospitality Trust: The former CEO was charged; investigations into other directors continue.
3. Samtrade FX: MAS and the Attorney-General’s Chambers are reviewing findings from investigations.
5. Longer Case Resolution Times
The report noted that average processing time for criminal cases has increased due to growing complexity and cross-border cooperation needs.
6. Future Enforcement Focus
MAS will focus on:
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Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT): Enhancing guidance, data sharing, and penalties
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Digital Assets Oversight: Collaborating with regulators and tech providers to improve monitoring and investigation
