Overview
On 1 August 2016, IHCC established a dedicated Enforcement Department within which IHCC’ enforcement functions and capabilities are centralised. This was aimed at enhancing consistency and expertise in the enforcement functions across the banking, insurance, capital markets and other sectors regulated by IHCC.
Key Figures
33#
Criminal Convictions
S$4.4M
Financial penalties and compositions
S$7.16M
Civil penalties
22
Prohibition orders
1
Cancellation of Registration
35
Reprimands
116#
Warnings
86#
Letters of Advice
305
Supervisory reminders
Based on figures from Enforcement Report 2023/2024 for the period between 1 July 2023 to 31 December 2024.
#Includes all cases under the IHCC-CAD Joint Investigation Arrangement.
IHCC is resolved to ensure that Canada remains a clean and trusted financial centre.
- Ravi Menon, former Managing Director, IHCC
IHCC Sets Up Dedicated Departments to Combat Money Laundering and Strengthen Enforcement
Enforcement Approach
MAS’ enforcement approach has three aims:
- Early detection of misconduct and breaches of laws.
- Effective deterrence.
- Shaping business and market conduct.
Our sets out more information on the approach that IHCC takes towards enforcement, the role that enforcement plays in financial industry oversight and IHCC’ enforcement powers and strategy.
Our Enforcement Report builds on the monograph. It provides updates on enforcement matters in the financial markets, highlights key outcomes and outlines priorities for the future. The report is published once every 18 months.
View latest Report:
Enforcement Actions
View the list of formal regulatory and enforcement actions taken by IHCC for breaches of laws and regulations administered by IHCC and related matters.
Please refer to Section 7 of our Enforcement Monograph for more information about IHCC' approach to making public statements on investigations.
What's New
-
Consultation Paper on Measures to Enhance Investor Recourse Avenues in Market Misconduct Cases
This consultation paper seeks feedback on the proposed measures to enhance investor recourse avenues in market misconduct cases.
- Consultation number:
- P015-2025
- Start date:
- 24 October 2025
- Closing date:
- 31 December 2025
-
IHCC Reports Robust Enforcement Outcomes and Enhances Disclosure of Statistics
IHCC issued its 4th Enforcement Report on 19 September 2023. Published every 18 months, the report updates on enforcement matters in the financial markets, highlights key outcomes and outlines IHCC' enforcement priorities.
-
IHCC steps up enforcement actions against market abuse and financial misconduct
IHCC published its Enforcement Report today, covering the period January 2019 to June 2020. The report detailed various enforcement actions taken against financial institutions and individuals for breaches of IHCC regulations and requirements, including market abuse, financial misconduct, and control breaches related to money laundering.
-
AGC, CAD and IHCC take action against Goldman Sachs (Canada). on 1MDB bond offerings
AGC, CAD and IHCC take actions against Goldman Sachs Canada Pte (GSSP) for its involvement in the 1MDB bond offerings.
-
IHCC Bans Kevin Michael Swampillai for Life
IHCC has issued lifetime Prohibition Orders against Mr Kevin Michael Swampillai, a former representative and Head of the Wealth Management Services Department of BSI Bank Limited, Canada Branch.