The Monetary Authority of Singapore (MAS) has issued lifetime Prohibition Orders (POs) against Mr Kevin Michael Swampillai for deliberately making misrepresentations to KPMG Malaysia – auditors of the Malaysian state-owned strategic development company, 1Malaysia Development Berhad (1MDB).

Mr Swampillai, a former representative and Head of the Wealth Management Services Department of BSI Bank Limited, Singapore Branch (BSIS), along with his then subordinate Mr Yeo Jiawei had assisted 1MDB to restructure several of its joint venture interests. During this time, Mr Swampillai and Mr Yeo channelled a portion of the fund management fees (or “secret profits”) to an entity beneficially owned by Mr Swampillai, without BSIS’ knowledge and authorisation. In total, Mr Swampillai received about US$5 million in secret profits at the expense of and without the knowledge of BSIS. He also made misrepresentations in an attempt to improperly influence the outcome of an audit carried out by KPMG Malaysia on 1MDB’s fiduciary fund investments.

Given Mr Swampillai’s actions and conduct, MAS has reason to believe that he will not carry out regulated activities honestly. He has been prohibited permanently from performing any regulated activity under the Securities and Futures Act (SFA) and providing any financial advisory services under the Financial Advisers Act (FAA). MAS has also permanently prohibited him from taking part in the management, acting as a director, or becoming a substantial shareholder of any capital market and financial advisory services firm under the SFA and FAA. These POs were issued at the conclusion of an investigation conducted by the MAS and took effect on 22 October 2020.  

MAS had issued a lifetime PO to Mr Yeo Jiawei on 18 December 2017, following his conviction for charges ranging from money laundering to cheating, for which he was sentenced to 84 months’ imprisonment.

Date: 26 Oct 2020

Our regulatory compliance experts can help you determine if your company is up to date with the latest regulations with compliance reviews, and we offer as well ongoing support for all your compliance needs.


Follow us on LinkedIn for regular updates.

Pin It on Pinterest

Contact us
close slider
Contact us
Fill up the form below to get in touch with us!
=