MAS Outlines Enforcement Approach to Deter, Detect and Investigate Breaches of Rules and Regulations
The Monetary Authority of Singapore (MAS) today published an Enforcement monograph to provide greater clarity and transparency into how MAS deters, detects, investigates and takes action against breaches of the rules and regulations it administers. The monograph outlines how MAS’ Enforcement Department works together with the other financial sector oversight functions in MAS to uphold Singapore’s reputation as a clean and trusted financial centre.
This monograph builds on the earlier monograph on Capital Markets Enforcement published in January 2016. It has been extended to cover enforcement functions in the banking and insurance sectors following the setting up of a centralised Enforcement Department in MAS in August 2016. The revised monograph sets out the following:
(a) the approach that the MAS takes towards enforcement;
(b) the role that enforcement plays in the wider objective of financial industry oversight; and
(c) the key areas of MAS’ enforcement practice and powers across the financial industry.
Mr Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS said “Enforcement plays a vital role in financial supervision. It complements the regulatory requirements and supervisory checks that financial institutions are subject to. When misconduct occurs, it is imperative that MAS has the ability to detect, investigate and take decisive action to enforce any breach of our rules and regulations. The Enforcement monograph provides detailed insights into MAS’ enforcement processes and how we identify and deal with misconduct cases swiftly and fairly, in order to promote market integrity and consumer confidence.”