Key Enforcement Actions Taken by MAS in Q2 2026

What Changed

• - MAS reaffirmed its willingness to hold senior management personally accountable where they fail to ensure their institution complies with MAS regulations, as illustrated by reprimands against Havenport Investments Pte Ltd’s senior management in add
• MAS demonstrated continued zero tolerance for trading-related offences under the Securities and Futures Act (SFA), supporting criminal prosecutions that resulted in imprisonment and substantial fines for two individuals.
• MAS confirmed that Major Payment Institution (MPI) licences can and will be revoked where inspections reveal significant weaknesses in risk management, conflict-of-interest policies, and non-compliance with the MAS Guidelines on Outsourcing, especial
• MAS signalled continued priority on AML/CFT supervision and enforcement by imposing a $300,000 composition penalty on a licensed trust company (Padang Trust Singapore Pte. Ltd.) for breaches of AML/CFT requirements.
• MAS underscored its ongoing focus on insider trading and market abuse by imposing a civil penalty on an individual for insider trading in shares of a Singapore-listed (now delisted) company.
• MAS reiterated that it will use the full spectrum of enforcement tools at its disposal (reprimands, compositions, civil penalties, licence revocations, and criminal referrals) to deter misconduct and safeguard Singapore’s financial centre integrity.

Suggested Considerations

• Review and, where necessary, enhance senior management and board-level oversight frameworks to ensure that responsibilities for MAS regulatory compliance are clearly allocated, documented, and evidenced (e.g. through committee charters, management information, and challenge records).
• Conduct a targeted compliance review at fund managers and other CMS licence holders to assess adherence to MAS regulations, focusing on areas previously cited in MAS enforcement actions (e.g. internal controls, client asset safeguards, and recordkeeping).
• For Major Payment Institutions and other payment providers, perform a comprehensive gap analysis of risk management frameworks, conflict-of-interest policies, and compliance with MAS Guidelines on Outsourcing, including due diligence, ongoing monitoring, and intra-group/related-party arrangements.
• Implement or strengthen formal governance around the accuracy and completeness of all information submitted to MAS (licence applications, regulatory returns, inspection responses), including sign-off controls, documentation standards, and verification procedures.
• For licensed trust companies and other AML/CFT-obliged entities, review and update AML/CFT policies, customer due diligence (CDD) and enhanced due diligence (EDD) procedures, ongoing monitoring, and suspicious transaction reporting processes in line with MAS Notices and Guidelines.
• Perform a look-back review of higher-risk customers and trust structures to identify any AML/CFT control gaps similar to those seen in recent MAS actions and remediate deficiencies promptly, including filing additional suspicious transaction reports where warranted.

Key Dates

Who is Affected