Singapore MAS Key Regulatory & Enforcement Actions 2025 Q4: 1) Singapore $660 Million Sasseur REIT Manager Sasseur Commercial Management Group ex-CFO Xie Jianfeng Charged for Insider Trading of Sasseur REIT from 2020 to 2021, 2) 3-Year Ban on 2 ex-Great Eastern Financial Advisers Representatives (Tham Kok Tong, Marcus & Charles Chong Yong Qin) for Misconduct in Forging Signature of Client to Terminate Policy, 3) ex-RHB Securities Singapore Head of Margin Tan Tee Beng Fined $38,000 (S$50,000) for Insider Trading of Tee International & Tee Land in 2019, 4) 15-Year Ban on ex-Prudential Claims Assessor Charn Sze Choong & 9-Year Ban on His Friend Benjamin Song Junde (ex-Representative of another Financial Institution) for $1.4 Million (S$1.9 Million) of False Claims at Prudential, 5) 10-Year Ban on ex-General Insurance Agent Tang Boon Hai after Singapore Court Sentence of 30 Months Jail for False Trading, 6) Licence of One Heritage Capital Management Revoked for Regulatory Breaches for Failing to Submit Quarterly Returns Within 14 Days of Each Quarter Since 2024 Q3 & Meet Capital Requirements, 7) Alpha Energy Holdings ex-Non-Executive Director Ang Yew Jin Eugene Fined $105,000 (S$137,000) for Insider Trading of Singapore-Listed Alpha Energy Holdings Using Non-Public Information
5th January | Hong Kong
Monetary Authority of Singapore (MAS) Key Regulatory & Enforcement Actions 2025 Q4 – 1) In 2025 October, Singapore Sasseur REIT ($660 million market value) manager Sasseur Commercial Management Group ex-CFO Xie Jianfeng was 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. 2) In 2025 October, the Monetary Authority of Singapore (MAS) issued a 3-year ban on 2 ex-Great Eastern Financial Advisers representatives (Tham Kok Tong, Marcus & Charles Chong Yong Qin) for misconduct in forging signature of client to terminate a policy. 3) In 2025 October, the Monetary Authority of Singapore (MAS) fined ex-RHB Securities Singapore Head of Margin Tan Tee Beng $38,000 (S$50,000) for insider trading of Tee International & Tee Land in 2019, using non-public information for an individual to buy shares in Tee International & Tee Land in 2019 October and personally bought 3 million shares in Tee International in 2019 December. Tee Land sale was announced in 2020 January. 4) In 2025 October, the Monetary Authority of Singapore (MAS) issued a 15-year ban on ex-Prudential claims assessor Charn Sze Choong & 9-year ban on his friend Benjamin Song Junde (ex-Representative of another Financial Institution) for $1.4 million (S$1.9 million) of false claims at Prudential. A Singapore court had sentenced Charn Sze Choong to 7.33 years in jail & Benjamin Song Junde to 1.53 years in jail in 2024. 5) In 2025 October, the Monetary Authority of Singapore (MAS) issued a 10-year ban on ex-general insurance agent Tang Boon Hai after Singapore court sentence of 30 months jail 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. 6) In 2025 October, the Monetary Authority of Singapore (MAS) revoked the licence of One Heritage Capital Management for regulatory breaches, failing to submit quarterly returns within 14 days of each quarter since 2024 Q3 & meet capital requirements. 7) In 2025 November, the Monetary Authority of Singapore (MAS) fined Alpha Energy Holdings ex-Non-Executive Director Ang Yew Jin Eugene $105,000 (S$137,000) for insider trading of Singapore-listed Alpha Energy Holdings using non-public information of creditor demand of $64 million principal to be repaid immediately (Value is 10x of Alpha Energy Holdings group assets) to sell 2.4 million of company shares & avoided $42,000 (S$54,900) losses in 2019.
“ Singapore MAS Key Regulatory & Enforcement Actions 2025 Q4: 1) Singapore $660 Million Sasseur REIT Manager Sasseur Commercial Management Group ex-CFO Xie Jianfeng Charged for Insider Trading of Sasseur REIT from 2020 to 2021, 2) 3-Year Ban on 2 ex-Great Eastern Financial Advisers Representatives (Tham Kok Tong, Marcus & Charles Chong Yong Qin) for Misconduct in Forging Signature of Client to Terminate Policy, 3) ex-RHB Securities Singapore Head of Margin Tan Tee Beng Fined $38,000 (S$50,000) for Insider Trading of Tee International & Tee Land in 2019, 4) 15-Year Ban on ex-Prudential Claims Assessor Charn Sze Choong & 9-Year Ban on His Friend Benjamin Song Junde (ex-Representative of another Financial Institution) for $1.4 Million (S$1.9 Million) of False Claims at Prudential, 5) 10-Year Ban on ex-General Insurance Agent Tang Boon Hai after Singapore Court Sentence of 30 Months Jail for False Trading, 6) Licence of One Heritage Capital Management Revoked for Regulatory Breaches for Failing to Submit Quarterly Returns Within 14 Days of Each Quarter Since 2024 Q3 & Meet Capital Requirements, 7) Alpha Energy Holdings ex-Non-Executive Director Ang Yew Jin Eugene Fined $105,000 (S$137,000) for Insider Trading of Singapore-Listed Alpha Energy Holdings Using Non-Public Information “
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Singapore MAS (2/1/26): “The table below provides an overview of the key public enforcement actions taken by the Monetary Authority of Singapore (“MAS”) from October to December 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 |
| 3 October 2025 | Following a joint investigation conducted by MAS and the Commercial Affairs Department of the Singapore Police Force, Mr Xie Jianfeng has been charged for insider trading and deception offences under the Securities and Futures Act (Cap. 289, Rev Ed 2006) in connection with his trading of units in Sasseur Real Estate Investment Trust (Sasseur REIT). | Man Charged for Insider Trading and Deception under the Securities and Futures Act |
| 8 October 2025 | MAS issued 3-year prohibition orders under the Financial Services and Markets Act 2022 against Mr Tham Kok Tong, Marcus and Mr Charles Chong Yong Qin, both former representatives of Great Eastern Financial Advisers Private Limited, as they failed to meet Fit and Proper conditions. | MAS issues Prohibition Orders against Tham Kok Tong, Marcus and Charles Chong Yong Qin |
| 15 October 2025 | MAS imposed a civil penalty of S$50,000 against Mr Tan Tee Beng for insider trading in the shares of Tee International Limited and Tee Land Limited. The civil penalty action is the result of a joint investigation conducted by the Commercial Affairs Department of the Singapore Police Force and MAS. | MAS Takes Civil Penalty Action Against Tan Tee Beng for Insider Trading |
| 23 October 2025 | MAS issued a 9-year prohibition order (PO) against Mr Benjamin Song Junde and a 15-year PO against Mr Charn Sze Choong under the Financial Services and Markets Act 2022. This follows their convictions in the State Courts for insurance fraud. | MAS Issues Prohibition Orders against Two Individuals Convicted for Insurance Fraud |
| 28 October 2025 | MAS issued a 10-year prohibition order under the Financial Services and Markets Act 2022 against Mr Tang Boon Hai. This follows his conviction in the State Courts for false trading, unauthorised trading, and dishonestly receiving stolen property. | MAS Issues Prohibition Order against Mr Tang Boon Hai |
| 29 October 2025 | MAS revoked the Capital Markets Services Licence of One Heritage Capital Management (SG) Pte Ltd for breaches of the Securities and Futures Act 2001 and Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations. | MAS Revokes the Capital Markets Services Licence of One Heritage Capital Management (SG) Pte Ltd |
| 17 November 2025 | MAS imposed a civil penalty of S$137,000 on Mr Ang Yew Jin Eugene for insider trading in the shares of SGX-listed Alpha Energy Holdings Limited. The civil penalty action against Mr Ang is the result of a joint investigation conducted by the Commercial Affairs Department of the SPF and the MAS, following a referral by the Singapore Exchange Regulation Private Limited. | MAS Imposes Civil Penalty on Mr Ang Yew Jin Eugene for Insider Trading |
Singapore MAS Key Regulatory & Enforcement Actions 2025 Q4: 1) Singapore $660 Million Sasseur REIT Manager Sasseur Commercial Management Group ex-CFO Xie Jianfeng Charged for Insider Trading of Sasseur REIT from 2020 to 2021, 2) 3-Year Ban on 2 ex-Great Eastern Financial Advisers Representatives (Tham Kok Tong, Marcus & Charles Chong Yong Qin) for Misconduct in Forging Signature of Client to Terminate Policy, 3) ex-RHB Securities Singapore Head of Margin Tan Tee Beng Fined $38,000 (S$50,000) for Insider Trading of Tee International & Tee Land in 2019, 4) 15-Year Ban on ex-Prudential Claims Assessor Charn Sze Choong & 9-Year Ban on His Friend Benjamin Song Junde (ex-Representative of another Financial Institution) for $1.4 Million (S$1.9 Million) of False Claims at Prudential, 5) 10-Year Ban on ex-General Insurance Agent Tang Boon Hai after Singapore Court Sentence of 30 Months Jail for False Trading, 6) Licence of One Heritage Capital Management Revoked for Regulatory Breaches for Failing to Submit Quarterly Returns Within 14 Days of Each Quarter Since 2024 Q3 & Meet Capital Requirements, 7) Alpha Energy Holdings ex-Non-Executive Director Ang Yew Jin Eugene Fined $105,000 (S$137,000) for Insider Trading of Singapore-Listed Alpha Energy Holdings Using Non-Public Information
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