MAS bans 3 financial advisors for falsifying records and providing false information

SINGAPORE – The Monetary Authority of Singapore (MAS) has banned three former or current insurance agents for falsifying records and providing false information to authorities.

The officers – Eunice Yuen Pui Leng, Grace Tan Zhen Zhi and Benny Lim Hee Loon – have been handed bans of five years, three years and one year respectively.

The bans, which come into effect from May 24, will prohibit them from providing financial advisory services.

Additionally, they will not be permitted to manage or become substantial shareholders of any financial advisory firm.

Ms Yuen and Ms Tan are also prohibited from carrying out business activities as insurance agents or participating in the management of any insurance intermediary, the MAS said in a statement on May 24.

The trio were previously representatives of insurer Prudential Singapore. Mr Lim is currently an agent with Manulife Financial.

On September 14, 2018, Ms. Yuen was notified to attend an interview with MAS in connection with an ongoing investigation.

MAS informed her that she must present documentary evidence of the advice she provided to representatives of her agency group.

Such evidence was relevant to establishing who was supervising these representatives and whether said supervisors were being remunerated in accordance with MAS requirements, according to the statement.

Before the interview, Ms Yuen told Ms Tan to make up false entries on the training forms, which Ms Yuen then sent to MAS.

Ms Yuen had also intentionally deleted messages from her mobile phone before the interview, knowing that MAS would likely require the information as part of its investigation.

During the course of the MAS investigation into Yuen and Tan in October 2018, Lim attended an interview with MAS, in which he made several false statements.

One of them included signing training forms on the dates Yuen allegedly trained him as his supervisor.

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