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Singapore imposes S$10,000 fine for late returns

Chris Hamblin, Editor, London, 31 March 2017

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The Monetary Authority of Singapore has slapped a small fine on Maiora Asset Management Pte Ltd for late regulatory submissions due to poor controls.

Maiora Asset Management paid a composite amount of S$10,000 (US$7,171) for a series of late submissions of auditor’s reports and audited financial statements to the MAS in January. Its transgressions occurred over a three-year period between 2013 and 2015.

The MAS says that it failed to apply adequate financial controls and maintain proper records to send its auditor’s reports and audited financial statements in on time, despite repeated supervisory reminders, thereby breaching paragraph 5(7J) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations.

Although these late submissions did not harm any HNW customers, the MAS has still decided to give the firm a tap on the wrist.

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