The Monetary Authority of Singapore (MAS) has cancelled the registration of Acesynergy Brokers (ABPL) as an insurance broker in Singapore. The cancellation, which will take effect from July 24 onwards, means ABPL is not permitted to carry on its insurance broking business in Singapore from then on.
The cancellation comes as ABPL failed to comply with the applicable regulatory requirements, registration conditions and written directions from the central bank. This includes the broker’s failure to submit its annual regulatory returns on time and arrange for the audit of annual regulatory returns. ABPL also failed to appoint the required minimum number of broking staff.
MAS also found “significant weaknesses” in ABPL’s management oversight as well as accounting and compliance processes, which resulted in ABPL breaching regulatory requirements and registration conditions.
Furthermore, ABPL failed to comply with MAS’s written directions to remediate the inspection findings and appoint an independent external person to review its remediation measures, despite MAS’s repeated engagements with ABPL’s CEO and director, Tan Chuan Lam.
“MAS takes a serious view of non-compliance with MAS’s regulatory requirements and will not hesitate to take stern action against errant entities,” says the central bank.
