Monetary Authority Of Singapore Reprimands Mr Tan Chuan Lam For Failing To Discharge His Duty And Function As Chief Executive Officer And Director

The Monetary Authority of Singapore (MAS) has reprimanded Mr Tan Chuan Lam, the Chief Executive Officer (CEO) and a director of the formerly registered insurance broker, Acesynergy Brokers Pte. Ltd. (ABPL), for breaches committed by ABPL under the Insurance Act.

2. On 24 July 2024, MAS cancelled ABPL’s insurance broker registration following its breaches of MAS’ regulatory requirements, registration condition and written directions [1] . MAS had found significant weaknesses in ABPL’s management oversight, and accounting and compliance processes, which resulted in ABPL’s breaches of MAS’ regulatory requirements and registration condition. ABPL also failed to comply with MAS’ written directions to remediate MAS’ inspection findings and appoint an independent external person to review its remediation measures.

3. As ABPL’s CEO and director, Mr Tan was responsible for ensuring ABPL’s compliance with MAS’ regulatory requirements, registration conditions and written directions. MAS found that Mr Tan was aware of ABPL’s breaches. Despite MAS’ repeated engagements with him, he failed to take adequate measures to prevent ABPL from committing the breaches.

4. MAS takes a serious view of Mr Tan’s lapses. CEOs and directors must carry out the duties and functions of their offices effectively.

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Additional Information:

(A) Section 142(4) of the Insurance Act 1966 (IA)

Where an offence under the IA is committed by any corporation, any person who, at the time of the commission of the offence, is a director, manager, secretary or other similar officer of that corporation, or is purporting to act in that capacity, shall be guilty of the offence and shall be liable to be proceeded against and punished accordingly unless the person proves that he or she exercised all such diligence to prevent the commission of the offence as he or she ought to have exercised, having regard to the nature of his or her functions in that capacity and to all the circumstances.