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Monetary Authority of Singapore Issues 4 Years Ban Against Former Credit Suisse Banker

The Monetary Authority of Singapore (MAS) has issued a 4-year prohibition orders against Lim Fang Wee, with effect from 30th April 2018.

” Monetary Authority of Singapore Issues 4 Years Ban Against Former Credit Suisse Banker “

Fang Wee is a former representative of Credit Suisse in Singapore. He had deliberately concealed the identity of the true beneficial owner of 3 Credit Suisse accounts from the bank, making it more difficult for the bank to monitor and detect suspicious transactions.  He was responsible for servicing these 3 accounts and was aware that the individuals listed as beneficial owners in the bank’s records were in fact nominees.

The orders prohibit him from performing any regulated activity under the Securities and Futures Act (SFA) and any financial advisory service under the Financial Advisers Act (FAA), taking part in management, acting as director or becoming a substantial shareholder of any capital market services firm under the SFA and any financial advisory firm under the FAA.



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The prohibition orders against Mr Lim were issued by the MAS under sections of SFA and FAA.

 

Mr Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS:

“The financial industry is the first line of defence in detecting suspicious transactions. Finance professionals who engage in dishonest conduct to frustrate the detection of such suspicious transactions must be dealt with firmly. This is necessary to safeguard public trust in our financial institutions and Singapore’s reputation as a clean financial centre.”

Source: MAS

 



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