Singapore prides itself on its stringent financial controls and regulatory oversight, which make it an attractive hub for business expansion and foreign investments. The Monetary Authority of Singapore, the body that oversees all financial functions, whilst ensuring the integrity, stability, and efficiency of Singapore's financial systems, has been actively enforcing actions on breaches of laws and regulations.
In early October 2025, MAS enforced two notable cases.
CASE 1
On 8 October 2025, the Monetary Authority of Singapore (MAS) imposed 3-year prohibition orders under the Financial Services and Markets Act 2022 on Mr. Charles Chong Yong Qin and Mr. Tham Kok Tong, Marcus, both former representatives of Great Eastern Financial Advisers (GEFA).
Mr. Chong forged a client’s signature to terminate a policy and later tried to conceal his actions by lying and instigating another individual to provide false information to the police. Mr. Tham, his supervisor, knew about the forgery and encouraged the deception instead of reporting it.
Following police investigations, MAS determined both were not fit and proper persons. The orders bar them for three years from conducting or managing any MAS-regulated financial activities or holding significant ownership in financial institutions.
CASE 2
On 3 October 2025, Mr. Xie Jianfeng was charged under the Securities and Futures Act (SFA) for insider trading and deception related to his trading of Sasseur Real Estate Investment Trust (Sasseur REIT) units between March 2020 and February 2021. While employed by a company linked to the REIT’s manager, Mr. Xie bought Sasseur REIT units in February 2021 while possessing confidential financial information about the REIT’s FY2020 results. He also traded on behalf of colleagues through his account without disclosing this to his brokerage, CGS-CIMB Securities.
He faces two insider trading charges under section 218(1A) and one charge of deceiving his brokerage under section 201(b) of the SFA. The case was investigated jointly by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD). If convicted, he could face up to seven years in prison, a fine of up to $250,000, or both, for each charge.
These enforcement actions have strengthened the authority's stance on accountability and ethical conduct under the Financial Services and Markets Act (FSMA) and the Securities and Futures Act (SFA), with a focus on:
- Integrity and honesty among financial advisers and their supervisors
- Strong governance and accountability at senior management levels
- Fair dealing and transparency in all trading and market activities
The full details are available in the official MAS publications - https://www.mas.gov.sg/regulation/enforcement/enforcement-actions
Key Takeaways for Businesses
Individuals with access to confidential or price-sensitive information must not misuse it for personal gain, and all trading activities must be fully transparent and compliant with regulatory requirements. Supervisors are expected to act decisively when misconduct arises, upholding ethical standards and reporting breaches promptly. Organisations must be proactive in advocating for integrity, transparency, and accountability across all levels of their operations.
How this Impacts You
In an ever-changing business environment where massive amounts of data are handled, processed and used across industries, and complex transactions arise across borders, strict monitoring, governance and internal control is imperative.
The MAS’s recent enforcement actions serve as a reminder that regulatory expectations are continuously evolving, and organisations must be proactive in identifying, managing, and mitigating risks. This includes ensuring that:
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Confidential and price-sensitive information is handled responsibly, with adequate safeguards to prevent misuse or insider activity.
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Decision-making and supervisory practices are transparent, well-documented, and demonstrate accountability at every level.
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Internal controls and compliance frameworks are regularly reviewed and updated to align with the latest MAS standards and industry best practices.
For businesses, this translates into tangible benefits:
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Reduced exposure to reputational and financial risk through strong governance practices.
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Enhanced stakeholder confidence as your organisation demonstrates integrity and ethical leadership.
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Operational resilience and regulatory readiness, positioning you ahead of compliance challenges before they arise.
Building Confidence Through Compliance
At Kreston Helmi Talib, we help clients turn compliance obligations into strategic advantages. Our team's work are guided by international standards and strong compliance expertise that aids our clients develop, implement, and test governance and compliance frameworks that meet MAS’s high standards of integrity and transparency.
Our key areas of support include:
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Regulatory Reporting and Advisory – ensuring that your organisation’s reporting processes are accurate, timely, and compliant with evolving MAS guidelines.
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Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Frameworks – from policy development to effectiveness testing, we help you safeguard your operations and reputation.
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Governance and Risk Management Advisory – strengthening accountability structures and internal oversight to support long-term sustainability.
Through these services, we enable organisations to navigate regulatory complexities with clarity and confidence. With a team experienced in regulatory compliance, including compliance with the safeguarding requirements among others, and risk management, KHT helps organisations navigate the evolving regulatory landscape and build trust through sound governance and transparency.
If you would like to discuss how these developments may impact your organisation or explore how we can assist, please reach out to our compliance advisory team.
All materials have been prepared for general information purposes only. The information presented in this article is not legal advice, and is not to be acted on as such, may not be current and is subject to change without notice. Professional advisory should be sought before taking or refraining from any action as a result of the contents in this document.