Singapore, The Monetary Authority of Singapore (MAS) has issued a 4-year prohibition orders against Mr Lim Fang Wee.
2 The orders prohibit him from performing any regulated activity under the Securities and Futures Act (SFA) and any financial advisory service under the Financial Advisers Act (FAA), as well as taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the SFA and any financial advisory firm under the FAA.
3 Mr Lim is a former representative of Credit Suisse AG, Singapore Branch (CS). He had deliberately concealed the identity of the true beneficial owner of three CS accounts from the bank, making it more difficult for CS to monitor and detect suspicious transactions. Mr Lim was responsible for servicing these three accounts and was aware that the individuals listed as beneficial owners in the bank's records were in fact nominees.
4 The prohibition orders against Mr Lim were issued by the MAS pursuant to section 101A(1)(ca) of the SFA, and section 59(1)(bb) of the FAA and took effect from 30 April 2018.
5 Mr Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, said: The financial industry is the first line of defence in detecting suspicious transactions. Finance professionals who engage in dishonest conduct to frustrate the detection of such suspicious transactions must be dealt with firmly. This is necessary to safeguard public trust in our financial institutions and Singapore's reputation as a clean financial centre.
Source: Monetary Authority of Singapore