Four former insurance agents and two former bank employees have been banned by the Monetary Authority of Singapore (MAS) for fraud and dishonest conduct. MAS issued Prohibitive Orders (POs) against the following individuals following their convictions in the State Courts of Singapore for offences involving fraud and dishonesty:

Name Prohibited from Duration of Prohibition Orders
Mr Poh Kim Chuan,
former representative of The Great Eastern Life Assurance Company Ltd (Great Eastern)
(i) providing any financial advisory services, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the Financial Advisers Act (Cap. 110) (FAA); and
(ii) carrying on business as, or taking part in the management of, any insurance intermediary under the Insurance Act (Cap. 142) (IA).
12 years
Mr Chew Kheng Swee,
former representative of Prudential Assurance Co. Singapore (Pte) Ltd (Prudential)
(i) providing any financial advisory services, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the FAA; and
(ii) carrying on business as, or taking part in the management of, any insurance intermediary under the IA.
10 years
Mr Yap Bin Chun, former representative of United Overseas Bank Ltd (UOB) (i) providing any financial advisory services, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the FAA; and
(ii) performing any regulated activities, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any capital market licensee under the Securities and Futures Act (Cap. 289) (SFA).
10 years
Mr Lin Weiwen, William, former representative of Oversea Chinese Banking Corporation Ltd (OCBC) providing any financial advisory services, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory services firm under the FAA. 8 years
Mr Kelvin Goh Shang Fei, former representative of NTUC Income Insurance Co-operative Ltd (NTUC) (i) providing any financial advisory services, or taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the FAA; and
(ii) carrying on business as, or taking part in the management of, any insurance intermediary under the IA.
6 years
Mr Lam Allan,
former representative of AIA Singapore Pte Ltd (AIA)
(i) providing any financial advisory services, taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm under the FAA; and
(ii) carrying on business as, taking part in the management of any insurance intermediary under the IA. 
6 years

The Prohibitive Orders took effect from 18 March 2020.

Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS, said, “MAS expects representatives of our financial institutions to act with honesty and integrity at all times. The first five individuals abused the trust that their clients placed in them for their personal gain, while the last individual forged documents in order to evade taxes. Such dishonest behaviour has no place in Singapore’s financial industry and MAS will take action to exclude individuals who commit such acts from the industry.”  

Date: 20 Mar 2020

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