Singapore’s MAS Seeks More Powers To Probe Financial Misconduct

Towers that house the HSBC Holdings Plc headquarters, center right, the Standard Chartered Plc headquarters, center left, and other banks and financial institutions in the central business district (CBD) of Singapore, on Thursday, Jan. 28, 2021. HSBC plans to accelerate its expansion across Asia in its imminent strategy refresh, Chairman Mark Tucker told the virtual Asian Financial Forum last week. , Bloomberg

Melissa Cheok, Bloomberg News

Jul 2, 2021

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(Bloomberg) -- The Monetary Authority of Singapore is seeking feedback on a proposal to strengthen its ability to gather evidence by allowing its officers to enter premises without prior notice or a court warrant during investigations into financial misconduct.

The regulator said the amendments will be made to a financial institutions bill to cover investigations under the Securities and Futures Act or the Financial Advisers Act in cases whenever there is risk of evidence being destroyed. MAS also wants to extend this power to legal regulations governing banking, insurance, trust companies and payment services as well as the omnibus act for the financial sector.

“This will strengthen MAS’ ability to hold persons accountable for offences under those Acts, “ MAS said in a statement on Friday.

Other proposed amendments include:

  • MAS may be able to reprimand a person for misconduct even after he or she has left a financial institution or the wider sector.
  • Enabling MAS to impose requirements on certain financial institutions to manage risks arising from the conduct of unregulated businesses.

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