Singapore’s authorities have prohibited three insurance agents and one banker from conducting any industry business.
The Monetary Authority of Singapore (MAS) issued the ban as the four finance professionals will also serve time in prison, according to Singapore Business Review.
They have been found guilty of fraudulent and dishonest conduct. In total, they lured about $590,000 of their clients.
One had cheated clients of their insurance premiums, totalling a net worth of $350,000. A second insurer persuaded a client to pay roughly $10,000 for a lapsed policy while a third one did the same offence, but netted $15,000 instead. The banker had lured seven clients to give away $250,000 under the pretext that it would help them buy insurance policies.
They will now be prohibited from conducting any business from between five to eight years, depending on the severity of their crimes.
Singapore is known for not playing around when it comes to financial crimes. Since 2015, MAS and the Commercial Affairs Department have teamed up under a joint investigation arrangement. This was done to streamline investigations and more easily detect bad behaviours, according to Financier Worldwide.
More recently, in August 2019 Singapore’s central bank announced it had begun to target onshore shell companies involved in money laundering.
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