SINGAPORE: The Monetary Authority of Singapore (MAS) has issued a one-year prohibition order against a man who failed to disclose that he had been investigated by the police when he applied for the position of relationship manager at HSBC.
Moreover, he failed to tell the bank in his fit and proper declaration he had been investigated for offences under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) and disclose he had been issued with a 24-month conditional warning by the Singapore Police Force on July 14, 2022, MAS added in a statement on Monday (Aug 19).
The authority has banned Aw Jun Ray Reko Corinthians from providing financial advisory services from Aug 19, 2024, to Aug 18, 2025.
He is also banned from taking part in the management, acting as a director or becoming a substantial shareholder of any financial advisory firm under the Financial Adviser’s Act.
Similarly, Mr Aw is banned for one year from performing any regulated activity and taking part in the management, acting as a director, or becoming a substantial shareholder of any capital markets services firm under the Securities and Futures Act.
“By omitting such material information in his declaration, Mr Aw has contravened section 32(2)(b) of the Financial Advisers Act (FAA) and section 99O(2)(b) of the Securities and Futures Act (SFA).
These contraventions have given MAS reason to believe that he will not perform financial advisory and capital markets services honestly,” MAS added. MAS included the following information in relation to Mr Aw’s case:
Section 32(2)(b) of the Financial Advisers Act 2001
Any individual who, in connection with the lodgment by the individual’s principal of any document under section 26—(b), omits to state any matter or thing to the individual’s principal as a result of which the document is misleading in a material respect; shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
Section 99O(2)(b) of the Securities and Futures Act 2001
Any individual who, in connection with the lodgment by his or her principal of any document under section 99H—(b), omits to state any matter or thing to his or her principal as a result of which the document is misleading in a material respect; shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000. /TISG
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