In 2021, Singapore attracted a record-breaking $335 billion of new investment, reflecting it as a trusted global financial hub. But after the country's reputation was damaged by a series of high-profile scandals, the Monetary Authority of Singapore (MAS) has stepped up its focus on enforcement.
In 2022, the regulator announced a record number of enforcement actions. And it seems determined to improve its ability to detect and punish misconduct even further. "Why are people coming here? Because they trust our financial system," said Peggy Pao, head of MAS's enforcement department. "You want a welcoming industry for sure, but that doesn't mean you go light.”
This content is available to paid Members of Starling Insights.
If you are a Member of Starling Insights, you can sign in below to access this item.
If you are not a member, please consider joining Starling Insights to support our work and get access to our entire platform. Enjoy hundreds of articles and related content from past editions of the Compendium, special video and print reports, as well as Starling's observations and comments on current issues in culture & conduct risk management.
Join The Discussion