MAS slaps 4-year ban on ex-Credit Suisse banker

The Monetary Authority of Singapore (MAS) yesterday said it has slapped four-year prohibition orders against former Credit Suisse banker Lim Fang Wee for "dishonest conduct", effective April 30.

The MAS said in a statement that Mr Lim, a former representative of Credit Suisse's Singapore branch, had deliberately concealed the identities of the true beneficial owners of three Credit Suisse accounts from the bank, making it difficult for Credit Suisse to monitor and detect suspicious transactions.

He 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.

The orders levelled against Mr Lim 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).

In addition, he cannot join the management, act as a director or become a substantial shareholder of any capital market services firm under the SFA and any financial advisory firm under the FAA.

Mr Lee Boon Ngiap, assistant managing director of capital markets at the MAS, said that 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," he said.

A version of this article appeared in the print edition of The Straits Times on May 04, 2018, with the headline 'MAS slaps 4-year ban on ex-Credit Suisse banker'. Print Edition | Subscribe