The broker was found to have “significant weaknesses” in its management oversight as well as its accounting and compliance processes, which resulted in the company breaching MAS’s regulatory requirements.
The Monetary Authority of Singapore (MAS) has reprimanded Tan Chuan Lim for breaches committed by Acesynergy Brokers under the Insurance Act. Tan is the CEO and director of the formerly-registered insurance broker.
The MAS cancelled Acesynergy’s insurance broker registration on July 24 after the brokerage was found to have breached MAS’s regulatory requirements, registration condition and written directions.
