Compliance
Compliance Corner: Monetary Authority Of Singapore, OCBC

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Monetary Authority of Singapore
The Monetary
Authority of Singapore has banned a former representative of
Oversea-Chinese Banking Corporation from providing financial
advice and operating in the sector for five years. The regulator
acted against Zeng Xuan after she was convicted in the State
Courts for an offence involving fraud and dishonesty.
Zeng is prohibited from providing any financial advisory service,
and from taking part in the management, acting as a director, or
becoming a substantial shareholder of any financial advisory firm
licensed or exempt under the Financial Advisers Act. The order
took effect from 23 February, MAS said in a statement.
In December 2017, Zeng’s client asked her if additional premiums
for his pre-existing medical condition could be waived, as he
wanted to buy three policies. To meet her sales target, Zeng lied
to her client saying that additional premiums would not apply to
his insurance policies despite knowing that the insurer had not
agreed to the waiver, MAS said. Zeng also added a clause into the
insurance application form to falsely state that her client had
consented to the additional premiums. The premiums paid by the
client went towards one policy, instead of three policies as the
client was led to believe. Ms Zeng subsequently forged further
documents when the client asked for documentation relating to the
other two policies that he thought he had bought.
On 5 August 2021, Zeng pleaded guilty and was convicted by the
State Courts of one count of forgery under section 465 of the
Penal Code. Zeng was sentenced to two weeks’ imprisonment.