New MAS bans highlight issues for wealth managers

The Monetary Authority of Singapore (MAS) yesterday slapped prohibition orders on two more individuals in relation to the 1MDB scandal. The move provided a sharp reminder of the tough regulatory regime under which the wealth industry is operating and underscored the need to have scale to survive, said Keith Pogson, senior partner for financial services for Asia Pacific at consultancy EY. Singapore’s financial regulator said it had taken action against Kelvin Ang Wee Keng, formerly…