As RVP’s CEO and director, Panisch was solely responsible for ensuring that RVP complied with MAS’ regulatory requirements, says the central bank in its July 30 statement.
MAS found that despite Panisch’s knowledge of RVP’s breaches, he had failed to take adequate measures to ensure that RVP complied with MAS’ regulatory requirements.
This occurred in spite of MAS sending multiple reminders to RVP to make the relevant submissions.
MAS takes a serious view of such egregious non-compliance with regulatory requirements and expects all financial institutions to take their reporting requirements seriously.
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