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.
After the cancellation, Acesynergy is no longer allowed to carry on its insurance broking business in Singapore. The company has since returned its policyholders’ moneys and connected them with their respective insurers.
“As Acesynergy Brokers’ CEO and director, Tan was responsible for ensuring [the company’s] compliance with MAS’s regulatory requirements, registration conditions and written directions,” says MAS in its Sept 10 statement. “MAS found that Tan was aware of Acesynergy Brokers’ breaches. Despite MAS’s repeated engagements with him, he failed to take adequate measures to prevent ABPL from committing the breaches.”
