Singapore MAS Tharman Shanmugaratnam on Corrupt & Dishonest Individuals Working in Financial Sector: MAS Does Not Maintain Database of Court Convicti
Chairman Monetary Authority of Singapore Board, Tharman Shanmugaratnam Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more Caproasia Access | Events | Summits | Register Events | The Financial Centre The 2023 Investment Day | 2023 Family Office Summits | Family Office Circle This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion. 
Singapore MAS Tharman Shanmugaratnam on Corrupt & Dishonest Individuals Working in Financial Sector: MAS Does Not Maintain Database of Court Convictions, Criminal Records are Confidential & Maintained by Police, Past Dishonest Record Including MAS Bans May Still be Hired, Financial Institutions are Expected to Hire Fit & Proper Individuals, Total of 73 Bans Issued from 2017 to 2022 10th May 2023 | Singapore
Singapore central bank Monetary Authority of Singapore (MAS) Tharman Shanmugaratnam (Senior Minister & Minister in charge of MAS) reply on corrupt & dishonest individuals working in the financial sector – MAS does not maintain database of court convictions and criminal records are confidential & maintained by police, past dishonest record including with MAS bans (Prohibition Orders) may still be hired, financial institutions are expected to hire fit & proper individuals, total of 73 bans issued from 2017 to 2022. Singapore MAS Tharman Shanmugaratnam: “MAS expects financial institutions (FIs) to recruit and retain persons who are fit and proper to conduct regulated financial activities and hold key roles in FIs. FIs are required to establish policies and processes to ensure this. This includes doing reference checks and verifying the person’s past employment records, regulatory status, and disciplinary and criminal history, if any … … A person with a past record of dishonesty or with a previous PO is not automatically deemed as not being fit and proper. FIs have to assess a person’s fitness and propriety holistically, in considering if the person is fit for the role. MAS has allowed persons with past records of dishonesty to enter the financial industry, having considered the seriousness and circumstances of the person’s past record, the time that has elapsed since the offence, the responsibilities to be assumed, and the controls put in place by the FI to monitor the person’s conduct. In each case, MAS carefully weighs the need to protect financial services users against giving reformed individuals a second chance. MAS does not maintain a database of all persons convicted by the courts of offences involving dishonesty. Criminal records are private and confidential information kept by the Police. ” See below for MAS statement.
“ MAS Does Not Maintain Database of Court Convictions, Criminal Records are Confidential & Maintained by Police, Past Dishonest Record Including MAS Bans May Still be Hired, Financial Institutions are Expected to Hire Fit & Proper Individuals, Total of 73 Bans Issued from 2017 to 2022 “
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Singapore MAS Tharman Shanmugaratnam on Corrupt & Dishonest Individuals Working in Financial Sector
Chairman Monetary Authority of Singapore Board, Tharman Shanmugaratnam 9th May 2023 | Written reply to Parliamentary Question on measures to prevent dishonest or corrupt persons from working in the financial sector
To ask the Prime Minister (a) what measures are there to prevent persons who have been found to be dishonest or corrupt by the courts from working in the financial sector; and (b) whether the Ministry has a criminal database against which financial Institutions can check to avoid hiring such persons for the protection of their clients.
Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:
1. MAS expects financial institutions (FIs) to recruit and retain persons who are fit and proper to conduct regulated financial activities and hold key roles in FIs. FIs are required to establish policies and processes to ensure this. This includes doing reference checks and verifying the person’s past employment records, regulatory status, and disciplinary and criminal history, if any.
2. MAS has also been issuing prohibition orders (POs) to persons who have been convicted of offences involving dishonesty. MAS notifies all FIs when a person has been issued a PO and publishes such POs on the MAS website. While a PO is in effect, FIs are prohibited from employing the person who has been issued the PO to perform the specified regulated activities. Since July 2017 to the close of 2022, MAS has issued a total of 73 POs.
3. MAS’ current powers to issue POs are generally limited to persons carrying out regulated activities in the financial sector. These powers will be expanded when the Financial Services and Markets Act comes into effect. Under the Act, MAS will also be able to issue a PO to any person who is not fit and proper to perform key roles, activities and functions in the financial sector, including those seeking to join the sector.
4. A person with a past record of dishonesty or with a previous PO is not automatically deemed as not being fit and proper. FIs have to assess a person’s fitness and propriety holistically, in considering if the person is fit for the role. MAS has allowed persons with past records of dishonesty to enter the financial industry, having considered the seriousness and circumstances of the person’s past record, the time that has elapsed since the offence, the responsibilities to be assumed, and the controls put in place by the FI to monitor the person’s conduct. In each case, MAS carefully weighs the need to protect financial services users against giving reformed individuals a second chance.
5. MAS does not maintain a database of all persons convicted by the courts of offences involving dishonesty. Criminal records are private and confidential information kept by the Police.
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