SINGAPORE: A four-year prohibition order has been issued against a former banker from Credit Suisse in Singapore, said the Monetary Authority of Singapore (MAS) in a media release on Thursday (May 3).
Mr Lim Fang Wee had deliberately concealed the identity of the true beneficial owner of three accounts from the bank, making it more difficult for the bank to monitor and detect suspicious transactions.
Mr Lim, who was responsible for servicing those three accounts, was aware that the individuals listed as beneficial owners in the bank’s records were in fact nominees, said MAS.
He is now banned from performing any regulated activity under the Securities and Futures Act as well as any financial advisory service.
In addition, he cannot take part in the management, act as a director or become a substantial shareholder of any capital market services firm and any financial advisory company. The four-year prohibition order took effect on Apr 30, said MAS.
“The financial industry is the first line of defence in detecting suspicious transactions,” said Mr Lee Boon Ngiap, MAS’ assistant managing director of capital markets.
“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.”