MAS Outlines Enforcement Approach for Breach of Rules and Regulations
MAS published its enforcement monograph to provide greater clarity and transparency into how it deters, detects, investigates, and takes action against breaches of the rules and regulations it administers. The monograph sets out the approach that MAS takes toward enforcement, the role that enforcement plays in the wider objective of financial industry oversight, and the key areas of the MAS enforcement practice and powers across the financial industry.
The approach and monograph outlines how the Enforcement Department of MAS works together with the other financial sector oversight functions in MAS to uphold Singapore’s reputation as a clean and trusted financial center. The enforcement monograph first describes the role of enforcement within MAS’ oversight of the financial industry, along with the role of other government agencies and organizations in the enforcement of laws and regulations under the MAS purview. It then explains the way MAS proactively identifies breaches of laws and regulations and describes the range of enforcement actions available to MAS as well as the underlying principles that guide the use of enforcement actions by MAS.
This monograph builds on the earlier monograph on Capital Markets Enforcement, which was published in January 2016. It has been extended to cover enforcement functions in the banking and insurance sectors following the setting up of a centralized Enforcement Department in MAS in August 2016.
Keywords: Asia Pacific, Singapore, Banking, Insurance, Enforcement Monograph, Enforcement Approach, Breach of Rules and Regulations, MAS
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