Background 

On 2 January 2026, the Monetary Authority of Singapore (“MAS”) released its Key Enforcement Actions for the October to December 2025 quarter. This regular periodic report provides a running update of MAS’s unwavering commitment to upholding market integrity across all financial services sectors.  

 

Below are three major cases and the lessons derived from them. 

 

 

Key Enforcements 

• Revocation of CMS Licence: One Heritage Capital Management (SG) Pte Ltd (“OHCM”) 

MAS revoked the Capital Markets Services (“CMS”) licence of OHCM on 29 October 2025. The firm failed to submit quarterly returns within the 14-day deadline and did not meet base capital requirements despite multiple reminders. This action highlights MAS’s zero-tolerance for persistent financial and reporting failures. 

 

• Prohibition Orders for Insurance Fraud: Benjamin Song Junde & Charn Sze Choong 

MAS issued POs (9 and 15 years respectively) against these individuals on 23 October 2025. Charn, a former Prudential claims assessor, cheated the firm of $1.9 million by creating fictitious claims. Song, aware of the fraud, failed to report it. This case emphasizes the severe consequences of internal fraud and the failure to report misconduct.  3

 

• Prohibition Orders for Fitness & Propriety: Tham Kok Tong & Charles Chong Yong Qin 

Issued on 8 October 2025, these 3-year POs targeted former representatives for forgery and deception. Chong forged a client’s signature and misled investigators, while his supervisor, Tham, actively encouraged the deception. MAS deemed both “not fit and proper,” underscoring that supervisory accountability is a non-negotiable pillar of institutional integrity. 

 

 

What’s Next  

Management must:  

• Ensure that processes are in place to ensure proper and timely submissions to MAS.  

• Implementing systems to ensure the representatives and supervisors maintain fit and proper and high standards in the business relationship with clients at all times. 

 

 

How Can We Help? 

Capital Governance provides a full suite of risk and compliance advisory services to financial institutions (“FIs”) to assist managements to navigate Singapore’s complex regulatory landscape. 

• Compliance Reviews/Internal Audits (“CRIA”):  conduct of robust CRIAs for FIs, to check on the rigor of internal controls, including specialised reviews such as regulatory sales process audits for licensed financial advisers. 

• Misconduct Reporting & Investigation Support: independent investigation services to help FIs meet the 21-day reporting window for misconduct. 

 

And more …  

 

 

Contact Us Now  If you would like to discuss how we can support your compliance readiness. Find out more here