Fines totalling S$16.8m slapped on 42 financial firms in Singapore in 18 mths ended December '18

A total of S$16.8 million in financial penalties and settlements was slapped on 42 financial institutions here as part of enforcement actions taken by the Monetary Authority of Singapore between July 2017 and December 2018.A TOTAL of S$16.8 million in financial penalties and settlements was slapped on 42 financial institutions here as part of enforcement actions taken by the Monetary Authority of Singapore between July 2017 and December 2018.

These figures were revealed as part of MAS’s first enforcement report published on Wednesday, and that will be made public every 18 months. The report updates the market on enforcement matters in the financial markets undertaken by MAS. It also offers greater transparency on MAS’s enforcement outcomes and strategies, the regulator said in its report. They exclude actions from investigations led by the Commercial Affairs Department in the MAS-CAD joint investigation arrangement.

Following the 1MDB scandal that dented Singapore’s reputation as a clean financial centre, MAS had said it would make public its sanctions against financial institutions that run afoul of anti-money laundering rules persistently or egregiously. The regulator had said it now sees benefits from"judiciously" naming and shaming banks that fail anti-money laundering standards.

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