The table below provides an overview of the key public enforcement actions taken by MAS from July to September 2025
2. MAS can take a range of enforcement actions for breaches of the laws under its administration, including reprimands, composition penalties, prohibition orders, civil penalties and referring a case for criminal prosecution. In assessing the type of enforcement action to impose, MAS takes into account the need to deter similar misconduct as well as to safeguard the integrity of Singapore as a financial centre.
| Date | Regulatory/ Enforcement Actions | Details |
| 03 July 2025 | MAS revoked the Capital Markets Services Licence of Xen Capital Asia Pte Ltd (XCAPL), and reprimanded its Executive Director and former Chief Executive Officer (CEO), Ms Katrina Marie Ku Cokeng, for multiple breaches of MAS’ regulatory requirements and its licence conditions. This included its failure to submit necessary returns, notify MAS of changes to the Company and key personnel, and make payment for its annual corporate fees. | MAS Revokes the Capital Markets Service Licence of Xen Capital Asia Pte. Ltd. and Reprimands its Executive Director for Failing to Discharge her Duty and Function as an Executive Director |
| 04 July 2025 | MAS imposed composition penalties totalling S$27.45 million on nine Financial Institutions (FIs) for breaches of MAS’ Anti-Money Laundering and Countering the Financing of Terrorism requirements in relation to the major money laundering case of August 2023. MAS also took actions against individuals who were involved in managing the FIs’ relationships with persons of interests. | MAS Takes Regulatory Actions against 9 Financial Institutions for AML-Related Breaches |
| 10 July 2025 | MAS issued a 5-year prohibition order under the Financial Services and Markets Act 2022 (FSMA) against Mr Jonathan Toh Hong Sen, for forging a client’s signature to establish a new insurance policy without his client’s knowledge. In view of his misconduct, MAS was satisfied that he was not a fit and proper person to undertake the role of an appointed representative of a financial adviser, in accordance with the Guidelines on Fit and Proper Criteria under Section 7 of the FSMA. | MAS issues Prohibition Order against Mr Jonathan Toh Hong Sen |
| 26 August 2025 | MAS issued prohibition orders against Mr Liong Yan Sin, Mr Dinath Silvamany Muthaliyar, and Mr Ang Kok How under the Financial Services and Markets Act 2022 (FSMA). The three were convicted of charges under the Computer Misuse and Cybersecurity Act, the Computer Misuse Act, and the Banking Act, in relation to unauthorised access to customer information. In view of their offences, MAS was satisfied that the three individuals were not fit and proper persons, in accordance with the Guidelines on Fit and Proper Criteria under section 7 of the FSMA. | MAS Issues Prohibition Orders against 3 Individuals for Unauthorised Access to Bank Customer Info |
| 09 September 2025 | The Monetary Authority of Singapore (MAS) issued a 3-year prohibition order 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. She 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. MAS was satisfied that she was not a fit and proper person, in accordance with the Guidelines on Fit and Proper Criteria under Section 7 of the FSMA. | MAS Issues Prohibition Order Against Former AIA Representative for Misselling |
| 19 September 2025 | The Monetary Authority of Singapore (MAS) imposed a composition penalty of $93,750 against Singlife Financial Advisers Pte. Ltd., formerly known as Aviva Financial Advisers Pte Ltd (AFA), for failing to implement effective policies relating to recruitment of representatives, leading to inadequate supervision and training of representatives as well as breaches of the Financial Advisers Act and the Financial Advisers Regulations. MAS also took action against individuals formerly affiliated with AFA for their involvement in the breaches. | MAS Issues Composition against Singlife Financial Advisers Pte Ltd and takes Regulatory Action against 8 Individuals |
| 30 September 2025 | The Monetary Authority of Singapore has issued a reprimand to Ms He Shuang, Elaine, a former relationship manager of Credit Suisse Singapore Branch, for her failures to conduct proper due diligence in respect of several customers. | MAS Issues Reprimand Against Former Credit Suisse Relationship Manager for Failure to Conduct Proper Customer Due Diligence |
3. For more details on MAS regulatory and enforcement actions, you may refer to the Enforcement Actions page on MAS’ website.
