The Monetary Authority of Singapore (MAS) has taken significant regulatory and enforcement actions in the third quarter of 2025, addressing breaches by financial institutions and individuals. These actions aim to deter misconduct and maintain Singapore’s reputation as a financial hub.
In July, MAS revoked the Capital Markets Services Licence of Xen Capital Asia Pte Ltd due to multiple regulatory breaches, including failure to submit necessary returns and notify MAS of changes. The company’s Executive Director and former CEO, Katrina Marie Ku Cokeng, was reprimanded for her role in these failures.
On 4 July, MAS imposed composition penalties totalling $20.1 million (S$27.45 million) on nine financial institutions for breaches related to anti-money laundering and countering the financing of terrorism. This action followed a major money laundering case in August 2023.
Further enforcement included a five-year prohibition order against Jonathan Toh Hong Sen for forging a client’s signature to establish an insurance policy without consent. MAS deemed him unfit to serve as a financial adviser representative.
In August, prohibition orders were issued against Liong Yan Sin, Dinath Silvamany Muthaliyar, and Ang Kok How for unauthorised access to customer information, violating the Computer Misuse and Cybersecurity Act.
Additionally, in September, MAS issued a three-year prohibition order against Rachel Wong Shi Jun for mis-selling insurance products to a vulnerable client. Singlife Financial Advisers Pte Ltd faced a composition penalty of $68,750 (S$93,750) for inadequate supervision and training of representatives.
These actions underscore MAS’s commitment to enforcing regulations and safeguarding the financial sector’s integrity.
