Singapore MAS Key Regulatory & Enforcement Actions 2026 Q2: 1) $31,000 (S$40,000) Fine on Havenport Investments & Reprimands to Senior Management (CEO Tan Keng Sin Patrick & Executive Director Tern Yuh Sheng Joseph) for Failures in Risk Framework on Managing Assets, Capital Requirement, Non-Compliance Reporting & Obtaining MAS Approval for New Product Launch to Retail Investors, 2) Singapore Court Sentenced ex-OCBC Securities Trading Representative Tan Chun Yong to 10-Week Jail Term for False Trading & Unauthorized Trading to Help ex-General Insurance Agent Tang Boon Hai to Create False Appearance of Active Trading in KTL Shares, 3) Singapore Court Fines Singapore $657 Million Sasseur REIT Manager Sasseur Commercial Management Group ex-CFO Xie Jianfeng $156,000 (S$200,000) for Insider Trading & Unauthorized Trading of Sasseur REIT in 2020 & 2021, 4) Singapore MAS Revokes Payment Licence (14/5/26) of Bsquared Technology (BSQ), 5) Singapore MAS Fines Padang Trust Singapore $235,000 (S$300,000) for Money Laundering Failures, 6) Singapore MAS Issues $92,700 (S$120,000) Insider Trading Fine on Singapore Medical Group Shareholder & Employee (Doctor) of Subsidiary Dr Chua Han Boon Kenneth Who was Approached as Shareholder to be Informed of Privatisation & Expansion Plan in 2022 Prior to Public Offer
2nd July 2026 | Hong Kong
Monetary Authority of Singapore (MAS) Key Regulatory & Enforcement Actions 2026 Q2 – 1) In 2026 May, Monetary Authority of Singapore (MAS) issued a $31,000 (S$40,000) fine on Havenport Investments & reprimands to senior management (CEO Tan Keng Sin Patrick & Executive Director Tern Yuh Sheng Joseph) for failures in risk framework on managing assets, capital requirement, non-compliance reporting & obtaining MAS approval for new product launch to retail investors. Havenport Investments was founded in 2010 by Patrick Tan (Rothschild Asset Management CIO, Legg Mason Co-CEO) & Joseph Tern (Legg Mason Congruix Investment Management Deputy CIO). Havenport Investments had ceased retail fund management business in 2024 July. 2) In 2026 May, a Singapore court sentenced ex-OCBC Securities trading representative Tan Chun Yong to 10-week jail term for false trading & unauthorized trading to help ex-general insurance agent Tang Boon Hai to create false appearance of active trading in KTL shares. In 2025 October, Monetary Authority of Singapore (MAS) issued a 10-year ban on ex-general insurance agent Tang Boon Hai after Singapore court sentence of 30-month jail term for false trading. In 2023 April, a Singapore court sentenced Tang Boon Hai to 30 months jail for false trading, using 13 3rd-Party trading accounts without authorization from brokerages and receiving nearly S$1 million (S$999,980) of stolen funds in trading account owned by Infinity Global Consultancy. Tan Kheng Yeow & Tang Boon Hai conspired between 2014 & 2015 to induce investors to buy KTL shares & push up KTL share price. Tan Kheng Yeow KTL share value increased, and arranged financing for KTL shares to fund more trades in 14 accounts of Tang Boon Hai who was sentenced to 30-month jail in 2023. In 2024 August, a Singapore court sentenced ex-KTL Global CEO & Executive Director Tan Kheng Yeow to jail for 8 months for false trading to create appearance of active trading of KTL shares, with KTL being unable to meet Singapore Exchange (SGX) new minimum trading price requirement of S$0.20 over 6 months period implemented in 2015 March. 3) In 2026 May, a Singapore court has fined Singapore Sasseur REIT ($657 million market value) manager Sasseur Commercial Management Group ex-CFO Xie Jianfeng $156,000 (S$200,000) for insider trading & unauthorized trading of Sasseur REIT in 2020 to 2021, generating $175,000 (S$223,572.68) profit for himself and executed trades for ex-colleagues without disclosure of beneficial ownership to CGS-CIMB Securities. In 2025 October, Singapore Sasseur REIT ($660 million market value) manager Sasseur Commercial Management Group ex-CFO Xie Jianfeng has been charged for insider trading of Sasseur REIT from 2020 to 2021. Xie Jianfeng had resigned on 26th September 2025 to pursue other business opportunities in China. 4) In 2026 May, Monetary Authority of Singapore (MAS) revoked the payment licence (14/5/26) of Bsquared Technology (BSQ), which will not be allowed to provide digital payment token services. Singapore MAS has reported serious weakness & failures in BSQ risk management, conflict of interest policies, outsourcing arrangements with related entities & false or misleading information provided to Singapore MAS. BSQ reports no outstanding customers’ funds or assets held by BSQ. 5) In 2026 May, Monetary Authority of Singapore (MAS) fined Padang Trust Singapore $235,000 (S$300,000) for money laundering failures including lack of scrutiny on unusual transactions, submit suspicious transaction reports and poor awareness of risks & red flag scenarios. Padang Trust Singapore has appointed an independent reviewer to validate the remedial action on the breaches & failures. 6) In 2026 June, Monetary Authority of Singapore (MAS) issued a $92,700 (S$120,000) insider trading fine on Singapore Medical Group shareholder & employee (Doctor) of subsidiary Dr Chua Han Boon Kenneth, who was approached as shareholder to be informed of privatisation & expansion plan in 2022 prior to public offer. The then-Singapore-listed Singapore Medical Group received buyout offer in 2022 September (13/9/26). Dr Chua Han Boon Kenneth bought S$67,200 (210,000) of shares on 6th & 7th September 2022, before the buyout offer. Dr Chua Han Boon Kenneth volunteered not to be company director or management of company for 2 years.
“ Singapore MAS Key Regulatory & Enforcement Actions 2026 Q2: 1) $31,000 (S$40,000) Fine on Havenport Investments & Reprimands to Senior Management (CEO Tan Keng Sin Patrick & Executive Director Tern Yuh Sheng Joseph) for Failures in Risk Framework on Managing Assets, Capital Requirement, Non-Compliance Reporting & Obtaining MAS Approval for New Product Launch to Retail Investors, 2) Singapore Court Sentenced ex-OCBC Securities Trading Representative Tan Chun Yong to 10-Week Jail Term for False Trading & Unauthorized Trading to Help ex-General Insurance Agent Tang Boon Hai to Create False Appearance of Active Trading in KTL Shares, 3) Singapore Court Fines Singapore $657 Million Sasseur REIT Manager Sasseur Commercial Management Group ex-CFO Xie Jianfeng $156,000 (S$200,000) for Insider Trading & Unauthorized Trading of Sasseur REIT in 2020 & 2021, 4) Singapore MAS Revokes Payment Licence (14/5/26) of Bsquared Technology (BSQ), 5) Singapore MAS Fines Padang Trust Singapore $235,000 (S$300,000) for Money Laundering Failures, 6) Singapore MAS Issues $92,700 (S$120,000) Insider Trading Fine on Singapore Medical Group Shareholder & Employee (Doctor) of Subsidiary Dr Chua Han Boon Kenneth Who was Approached as Shareholder to be Informed of Privatisation & Expansion Plan in 2022 Prior to Public Offer “
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| Date | Regulatory/ Enforcement Actions | Details |
| 18 May 2026 | MAS reprimanded senior management members of Havenport Investments Pte Ltd (HIPL) for their failure to satisfactorily discharge their duties which included, among other things, ensuring that HIPL complied with MAS regulations. MAS also imposed a composition fine of $40,000 against HIPL for the breaches committed by the company. | MAS Takes Enforcement Action against Havenport Investments Pte Ltd and its Senior Management for Breaches of MAS Regulations |
| 20 May 2026 | In two separate cases, Mr Tan Chun Yong and Mr Xie Jianfeng were convicted and sentenced on 19 May 2026 to 10 weeks’ imprisonment, and to a fine of $200,000 respectively, for trading-related offences under the Securities and Futures Act. | Two Individuals Convicted for Offences under the Securities and Futures Act |
| 20 May 2026 | MAS revoked the Major Payment Institution Licence of Bsquared Technology Pte Ltd (BSQ) with effect from 14 May 2026. MAS’ inspection found significant weaknesses in BSQ’s risk management practices and conflict of interest policies, as well as failure to meet MAS’ Guidelines on Outsourcing in its arrangements with related entities.
BSQ had also provided information to MAS that was false or misleading in material particulars on multiple occasions, from the time of its licence application up to and including during MAS’ inspection. |
MAS Revokes the Major Payment Institution Licence of Bsquared Technology Pte Ltd |
| 25 May 2026 | MAS imposed a composition penalty of $300,000 on Padang Trust Singapore Pte. Ltd., a licensed trust company, for breaches of MAS’ Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements. | MAS Imposes $300,000 Composition Penalty on Padang Trust Singapore Pte. Ltd. for AML/CFT Breaches |
| 30 June 2026 | MAS imposed a civil penalty of $120,000 on Dr Chua Han Boon Kenneth, for insider trading in the shares of Singapore Medical Group Limited, a company formerly listed on the Singapore Exchange. | Joint Statement by Monetary Authority of Singapore (MAS) & Commercial Affairs Department (CAD), Singapore Police Force |
Singapore MAS Key Regulatory & Enforcement Actions 2026 Q2: 1) $31,000 (S$40,000) Fine on Havenport Investments & Reprimands to Senior Management (CEO Tan Keng Sin Patrick & Executive Director Tern Yuh Sheng Joseph) for Failures in Risk Framework on Managing Assets, Capital Requirement, Non-Compliance Reporting & Obtaining MAS Approval for New Product Launch to Retail Investors, 2) Singapore Court Sentenced ex-OCBC Securities Trading Representative Tan Chun Yong to 10-Week Jail Term for False Trading & Unauthorized Trading to Help ex-General Insurance Agent Tang Boon Hai to Create False Appearance of Active Trading in KTL Shares, 3) Singapore Court Fines Singapore $657 Million Sasseur REIT Manager Sasseur Commercial Management Group ex-CFO Xie Jianfeng $156,000 (S$200,000) for Insider Trading & Unauthorized Trading of Sasseur REIT in 2020 & 2021, 4) Singapore MAS Revokes Payment Licence (14/5/26) of Bsquared Technology (BSQ), 5) Singapore MAS Fines Padang Trust Singapore $235,000 (S$300,000) for Money Laundering Failures, 6) Singapore MAS Issues $92,700 (S$120,000) Insider Trading Fine on Singapore Medical Group Shareholder & Employee (Doctor) of Subsidiary Dr Chua Han Boon Kenneth Who was Approached as Shareholder to be Informed of Privatisation & Expansion Plan in 2022 Prior to Public Offer
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