SINGAPORE: The Monetary Authority of Singapore (MAS) issued a five-year prohibition order against former DBS representative, Mr Muhammad Hafiz Bin Ismail.
This decision follows Mr Hafiz’s conviction for obstructing justice and violating the Financial Advisers Act (FAA) and the Securities and Futures Act (SFA).
The Edge Singapore reports that Mr Hafiz’s legal troubles began in January 2018 when his uncle was arrested for theft-related offences.
To interfere with the police investigation, Mr Hafiz instructed a colleague to move a safe belonging to his uncle from his business premises.
As a result, he was convicted on May 25, 2022, for abetting the obstruction of justice and sentenced to one week in jail.
In a separate incident, while under investigation for the obstruction charge, Mr Hafiz applied for a wealth planning manager position at DBS on September 8, 2020. He failed to disclose in his application that he was under investigation.
DBS, relying on his statement, certified to MAS that Mr Hafiz was fit to represent the bank.
This omission of information led to another conviction under the SFA, as he deliberately withheld important information from his employer and the regulatory authorities.
MAS stated that the prohibition order is essential to maintain the integrity and trust in Singapore’s financial sector.
Even though Mr Hafiz no longer works in the industry, the order prevents him from providing any financial advisory services or holding key roles in financial advisory firms and capital markets services firms.
According to the statement released by MAS:
“Mr Hafiz is prohibited from providing any financial advisory service and from taking part in the management, acting as a director, or becoming a substantial shareholder of any financial advisory firm under the FAA.
He is also prohibited from performing any regulated activity and from taking part in the management, acting as a director, or becoming a substantial shareholder of any capital markets services firm under the SFA.” /TISG