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MAS imposes $11.2 mil civil penalty on UBS for 'deceptive trades' by client advisors

Uma Devi
Uma Devi11/14/2019 08:44 PM GMT+08  • 4 min read
MAS imposes $11.2 mil civil penalty on UBS for 'deceptive trades' by client advisors
Investigations into the individuals involved in the misconduct are ongoing. MAS added that it had conducted an inspection in 2018 to review the bank’s efforts in remediating the internal control weaknesses that led to the contraventions.  “We n
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SINGAPORE (Nov 14): The Monetary Authority of Singapore (MAS) has imposed a civil penalty of $11.2 million on UBS for deceptive trades made by the investment bank’s client advisors in Singapore.

In a statement on Thursday, MAS noted that the client advisors had “engaged in acts that deceived or were likely to deceive clients about the spreads and/or interbank prices for transactions in over-the-counter (OTC) bonds and structured products”.

In 2016, UBS had reported to MAS that the bank had uncovered certain malpractices in Hong Kong and Singapore with regard to spread taking in OTC transactions.

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