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MAS Bans Former-AIA Representative for 8 Years for Fraud

Monetary Authority of Singapore (MAS) has issued prohibition orders against ex-AIA representative Tan Peng Khoon for 8 years.  He will not be allowed to take part in any business under the Insurance Act and providing any financial advisory services, be a director or substantial shareholder of any financial advisory firm under the Financial Advisors Act.

“ MAS Bans ex-AIA Representative for 8 Years “

As a representative of AIA, Peng Khoon had deceived an AIA customer, who did not understand English, into signing documents to surrender a personal life policy for a cash value of $2,018 and to take a policy loan of $6,500.   With the signed documents, he cheated AIA into giving him two cheques, issued in his customer’s name for the total sum of $8,518.   He then arranged for the customer to make him a joint holder of her bank account under the perception that he will deposit fees (commission) into the account, to repay the loan he owed to the customer.  With the jointed name account, he was able to deposit AIA’s cheques into the joint account, and withdraw the proceeds in cash.

On 27th April 2015, he was convicted in the State Courts of Singapore and was sentenced to 18 months’ imprisonment on 27th November 2015.



2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM


Source: Official Press Release

 

About AIA

AIA Logo Thumbnail 150x150
AIA

AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.

AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).

  • Origin: Shanghai, China
  • Assets: US$200 billion

Official Website: www.aia.com

News & Media: Press Release

Updated on 31st May 2017



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