Singapore MAS Key Regulatory & Enforcement Actions 2025 Q3: 1) Revoked Capital Markets Services (CMS) Licence of Xen Capital Asia & Reprimanded Executive Director, ex-CEO & Sole Remaining Director Katrina Marie Ku Cokeng, 2) Fined 9 Financial Institutions $21.5 Million & Issued Enforcement Actions (Bans & Reprimands) Against 18 Individuals for Money Laundering Failure, 3) 5-Year Ban Against ex-Representative of Great Eastern Financial Advisors & AXA Insurance Jonathan Toh Hong Sen for Deceiving Client, 4) Bans Against Liong Yan Sin (6 Years), Dinath Silvamany Muthaliyar (4 Years) & Ang Kok How (3 Years) for Unauthorized Access to Customers Information, 5) 3-Year Ban on ex-AIA Singapore Rachel Wong Shi Jun for Mis-selling Insurance Products to Vulnerable Client with Intellectual Disability, 6) Fined Singlife Financial Advisers (Previously Aviva) $73,000 and Issues Bans & Reprimands on 8 Individuals from Aviva Financial Advisers & Affiliates for Regulatory Breaches and 7) Issued Reprimand to ex-Credit Suisse Private Banker Elaine He Shuang for Failure to Conduct Proper Due Diligence
4th October | Hong Kong
Monetary Authority of Singapore (MAS) Key Regulatory & Enforcement Actions 2025 Q3 – 1) Revoked the Capital Markets Services (CMS) licence of Xen Capital Asia, and reprimanded Executive Director, ex-CEO & sole remaining Director Katrina Marie Ku Cokeng for multiple breaches, 2) Fined 9 financial institutions $21.5 million (S$27.45 million) and issued enforcement actions (Bans & Reprimands) against 18 individuals for money laundering failures. The 9 financial institutions fined are Credit Suisse S$5.8 million, UOB S$5.6 million, UBS S$3 million, UOB Kay Hian S$2.85 million, Citibank S$2.6 million, Julius Baer S$2.4 million, Blue Ocean Invest S$2.4 million, Trident Trust S$1.8 million, LGT S$1 million. 4 individuals from Blue Ocean Invest issued industry regulatory bans (Prohibition Orders) are CEO Tsao Chung-Yi for 6 years, COO Wong Xuan Ling for 5 years, Relationship Manager Hsia Lun Wei @Henry Hsia for 3 years & ex-Relationship Manager Deng Xixi for 3 years. 3 individuals from Trident Trust reprimanded are Managing Director Sean Andrew Coughlan, Head of Compliance Tan Ho Kiat & Head of Trust Administration Kek Yen Leng. 2 individuals from UOB reprimanded are ex-Team Head of Group Retail Privilege Banking Ang Sze Hee Alvin & ex-Team Head of Group Retail Privilege Banking Tan Sheng Rong Leonard. 9 other Relationship Managers & Supervisors were privately reprimanded, 3) 5-year ban against ex-Representative of Great Eastern Financial Advisors & AXA Insurance Jonathan Toh Hong Sen for deceiving a client to transfer AXA policy to Great Eastern despite knowing there is no transfer option, and forged client signature to setup a new Great Eastern Policy without client knowledge & instructed client to disregard AXA payment reminder notices, 4) Issued bans against Liong Yan Sin (6 years), Dinath Silvamany Muthaliyar (4 years) & Ang Kok How (3 years) for unauthorized access to customers information, 5) 3-year ban on ex-AIA Singapore Rachel Wong Shi Jun for mis-selling insurance products to vulnerable client with intellectual disability, 6) Fined Singlife Financial Advisers (Previously Aviva) $73,000 ($93,750), and issued bans & reprimands on 8 individuals from Aviva Financial Advisers & affiliates for regulatory breaches, including recruiting more representatives than allowed & making false &/or misleading statements in sales pitch to customers. The 3 individuals issued with bans are ex-CEO Chee Boon Chai Lionel (1-year ban), Khoo Chong En Ian (4-year ban) & Alvin Lee Guang Ming (2-year ban). The 5 individuals reprimanded are Pang Zen Cheang, Yap Zhan Yang, Goh Gek Tze Goldie, Tan Boon Liang & Derrick Lee Zhipeng and 7) Issued a reprimand to ex-Credit Suisse private banker Elaine He Shuang for failure to conduct proper due diligence for several clients related to Singapore $2.2 billion money laundering case. More info below:
“ Singapore MAS Key Regulatory & Enforcement Actions 2025 Q3: 1) Revoked Capital Markets Services (CMS) Licence of Xen Capital Asia & Reprimanded Executive Director, ex-CEO & Sole Remaining Director Katrina Marie Ku Cokeng, 2) Fined 9 Financial Institutions $21.5 Million & Issued Enforcement Actions (Bans & Reprimands) Against 18 Individuals for Money Laundering Failure, 3) 5-Year Ban Against ex-Representative of Great Eastern Financial Advisors & AXA Insurance Jonathan Toh Hong Sen for Deceiving Client, 4) Bans Against Liong Yan Sin (6 Years), Dinath Silvamany Muthaliyar (4 Years) & Ang Kok How (3 Years) for Unauthorized Access to Customers Information, 5) 3-Year Ban on ex-AIA Singapore Rachel Wong Shi Jun for Mis-selling Insurance Products to Vulnerable Client with Intellectual Disability, 6) Fined Singlife Financial Advisers (Previously Aviva) $73,000 and Issues Bans & Reprimands on 8 Individuals from Aviva Financial Advisers & Affiliates for Regulatory Breaches and 7) Issued Reprimand to ex-Credit Suisse Private Banker Elaine He Shuang for Failure to Conduct Proper Due Diligence “
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Singapore MAS (1/10/25): The table below provides an overview of the key public enforcement actions taken by MAS from July to September 2025 – MAS can take a range of enforcement actions for breaches of the laws under its administration, including reprimands, composition penalties, prohibition orders, civil penalties and referring a case for criminal prosecution. In assessing the type of enforcement action to impose, MAS takes into account the need to deter similar misconduct as well as to safeguard the integrity of Singapore as a financial centre.
| Date | Regulatory/ Enforcement Actions | Details |
| 03 July 2025 | MAS revoked the Capital Markets Services Licence of Xen Capital Asia Pte Ltd (XCAPL), and reprimanded its Executive Director and former Chief Executive Officer (CEO), Ms Katrina Marie Ku Cokeng, for multiple breaches of MAS’ regulatory requirements and its licence conditions. This included its failure to submit necessary returns, notify MAS of changes to the Company and key personnel, and make payment for its annual corporate fees. | MAS Revokes the Capital Markets Service Licence of Xen Capital Asia Pte. Ltd. and Reprimands its Executive Director for Failing to Discharge her Duty and Function as an Executive Director |
| 04 July 2025 | MAS imposed composition penalties totalling S$27.45 million on nine Financial Institutions (FIs) for breaches of MAS’ Anti-Money Laundering and Countering the Financing of Terrorism requirements in relation to the major money laundering case of August 2023. MAS also took actions against individuals who were involved in managing the FIs’ relationships with persons of interests. | MAS Takes Regulatory Actions against 9 Financial Institutions for AML-Related Breaches |
| 10 July 2025 | MAS issued a 5-year prohibition order under the Financial Services and Markets Act 2022 (FSMA) against Mr Jonathan Toh Hong Sen, for forging a client’s signature to establish a new insurance policy without his client’s knowledge. In view of his misconduct, MAS was satisfied that he was not a fit and proper person to undertake the role of an appointed representative of a financial adviser, in accordance with the Guidelines on Fit and Proper Criteria under Section 7 of the FSMA. | MAS issues Prohibition Order against Mr Jonathan Toh Hong Sen |
| 26 August 2025 | MAS issued prohibition orders against Mr Liong Yan Sin, Mr Dinath Silvamany Muthaliyar, and Mr Ang Kok How under the Financial Services and Markets Act 2022 (FSMA). The three were convicted of charges under the Computer Misuse and Cybersecurity Act, the Computer Misuse Act, and the Banking Act, in relation to unauthorised access to customer information. In view of their offences, MAS was satisfied that the three individuals were not fit and proper persons, in accordance with the Guidelines on Fit and Proper Criteria under section 7 of the FSMA. | MAS Issues Prohibition Orders against 3 Individuals for Unauthorised Access to Bank Customer Info |
| 09 September 2025 | The Monetary Authority of Singapore (MAS) issued a 3-year prohibition order against Ms Wong Shi Jun, Rachel under the Financial Services and Markets Act 2022 (FSMA), for misselling insurance products to a vulnerable client with intellectual disability. She was found to be in breach of section 36(1) of the Financial Advisers Act 2001 and paragraphs 11 and 35 of the Notice on Recommendations on Investment Products. MAS was satisfied that she was not a fit and proper person, in accordance with the Guidelines on Fit and Proper Criteria under Section 7 of the FSMA. | MAS Issues Prohibition Order Against Former AIA Representative for Misselling |
| 19 September 2025 | The Monetary Authority of Singapore (MAS) imposed a composition penalty of $93,750 against Singlife Financial Advisers Pte. Ltd., formerly known as Aviva Financial Advisers Pte Ltd (AFA), for failing to implement effective policies relating to recruitment of representatives, leading to inadequate supervision and training of representatives as well as breaches of the Financial Advisers Act and the Financial Advisers Regulations. MAS also took action against individuals formerly affiliated with AFA for their involvement in the breaches. | MAS Issues Composition against Singlife Financial Advisers Pte Ltd and takes Regulatory Action against 8 Individuals |
| 30 September 2025 | The Monetary Authority of Singapore has issued a reprimand to Ms He Shuang, Elaine, a former relationship manager of Credit Suisse Singapore Branch, for her failures to conduct proper due diligence in respect of several customers. | MAS Issues Reprimand Against Former Credit Suisse Relationship Manager for Failure to Conduct Proper Customer Due Diligence |
Singapore MAS Key Regulatory & Enforcement Actions 2025 Q3: 1) Revoked Capital Markets Services (CMS) Licence of Xen Capital Asia & Reprimanded Executive Director, ex-CEO & Sole Remaining Director Katrina Marie Ku Cokeng, 2) Fined 9 Financial Institutions $21.5 Million & Issued Enforcement Actions (Bans & Reprimands) Against 18 Individuals for Money Laundering Failure, 3) 5-Year Ban Against ex-Representative of Great Eastern Financial Advisors & AXA Insurance Jonathan Toh Hong Sen for Deceiving Client, 4) Bans Against Liong Yan Sin (6 Years), Dinath Silvamany Muthaliyar (4 Years) & Ang Kok How (3 Years) for Unauthorized Access to Customers Information, 5) 3-Year Ban on ex-AIA Singapore Rachel Wong Shi Jun for Mis-selling Insurance Products to Vulnerable Client with Intellectual Disability, 6) Fined Singlife Financial Advisers (Previously Aviva) $73,000 and Issues Bans & Reprimands on 8 Individuals from Aviva Financial Advisers & Affiliates for Regulatory Breaches and 7) Issued Reprimand to ex-Credit Suisse Private Banker Elaine He Shuang for Failure to Conduct Proper Due Diligence
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