The MAS imposes fine, civil penalty action against a former Maybank Singapore affluent banking head for insider trading.

The Monetary Authority of Singapore, the city-state's financial regulatory body, has taken sanctioned a former Malayan Banking affluent banking head for insider trading, according to a statement on its website.

Koh Huat Heng was a relationship manager and team head in the affluent banking arm of Malayan Banking, based in Singapore. In 18 June 2013, he reportedly bought 140,000 shares in Sin Heng Machinery using non-public and price-sensitive information he obtained in the course of his work. 

Because of this, a civil penalty action was enforced on him for violating Section 291(2) of the Securities & Futures Act. Such a sanction is not a criminal action and does not attract criminal sanctions, clarified the MAS. 

Having admitted to the violation, Koh paid MAS a civil penalty of S$50,000 ($40,000) without any court action. The regulator also issued an order that prohibits Koh from providing any financial advisory service and taking part, directly or indirectly, in the management of financial services firms for three years.