MAS Details Insider Trading Charges, Prohibition Orders, and Licence Revocation in Q4 2025 Enforcement Review

The Monetary Authority of Singapore (MAS) has published a summary of its key public enforcement actions taken between October and December 2025, outlining a series of criminal charges, civil penalties, prohibition orders, and a licence revocation as part of its ongoing regulatory oversight.

In a statement released on January 2, MAS said the actions reflect its use of a broad range of enforcement tools available under Singapore’s financial laws, including reprimands, civil penalties, prohibition orders, and referrals for criminal prosecution. The regulator noted that enforcement decisions are guided by the need to deter misconduct and to safeguard Singapore’s standing as an international financial centre.

Several of the cases involved insider trading, often following joint investigations with the Commercial Affairs Department (CAD) of the Singapore Police Force. On October 3, MAS announced that Mr Xie Jianfeng had been charged with insider trading and deception offences under the Securities and Futures Act in connection with his trading of units in Sasseur Real Estate Investment Trust. The charges followed a joint MAS-CAD investigation.

Later in the month, on October 15, MAS imposed a civil penalty of S$50,000 on Mr Tan Tee Beng for insider trading in the shares of Tee International Limited and Tee Land Limited. That enforcement action also stemmed from a joint investigation with CAD. On November 17, MAS imposed a larger civil penalty of S$137,000 on Mr Ang Yew Jin Eugene for insider trading in the shares of SGX-listed Alpha Energy Holdings Limited, following a referral from Singapore Exchange Regulation and a joint investigation with law enforcement.

MAS also made extensive use of prohibition orders during the quarter, barring individuals from participating in regulated activities for extended periods. On October 8, the regulator issued three-year prohibition orders against Mr Tham Kok Tong, Marcus, and Mr Charles Chong Yong Qin, both former representatives of Great Eastern Financial Advisers Private Limited, citing failures to meet Fit and Proper requirements.

Subsequent actions targeted individuals convicted of criminal offences. On October 23, MAS issued a nine-year prohibition order against Mr Benjamin Song Junde and a 15-year prohibition order against Mr Charn Sze Choong after their convictions in the State Courts for insurance fraud. Five days later, on October 28, MAS imposed a 10-year prohibition order on Mr Tang Boon Hai following his conviction for false trading, unauthorised trading, and dishonestly receiving stolen property.

Enforcement during the quarter also extended to corporate entities. On October 29, MAS revoked the Capital Markets Services Licence of One Heritage Capital Management (SG) Pte Ltd for breaches of the Securities and Futures Act and related financial and margin requirements regulations. Licence revocation represents one of the most severe sanctions available to the regulator and effectively removes the firm’s ability to operate regulated capital markets activities in Singapore.

MAS reiterated that it calibrates enforcement outcomes based on the severity and nature of misconduct, as well as broader deterrence considerations. The Q4 actions underscore a continued focus on market integrity, particularly in cases involving insider trading, fraud, and failures to meet regulatory standards, as the authority maintains close scrutiny of both individuals and firms operating in Singapore’s financial sector.