A former representative of DBS has been issued a prohibition order by the Monetary Authority of Singapore.
The Monetary Authority of Singapore (MAS) has issued a five-year prohibition order (PO) against former DBS representative Muhammad Hafiz Bin Ismail, according to a statement. This is due to a conviction for «intentionally obstructing the course of justice» alongside separate contraventions of local regulations.
Under the order, Hafiz is prohibited from providing any financial advisory services and performing any regulated activities under the Securities and Futures Act. He is also banned from taking part in the management, acting as a director and becoming a substantial shareholder of any financial advisory firm or capital market services firm.
Uncle’s Safe
The conviction is related Hafiz’s uncle who was previously arrested for a theft-related offense. Upon learning this in January 2018, Hafiz directed his colleague to move his uncle's safe to prevent it from being located by police. Separately, he applied to be a wealth planning manager at DBS in September 2020 without stating in his fit and proper declaration that he was under investigation for the aforementioned offense.
«Mr. Hafiz’s conviction and contraventions have given MAS reason to believe that he will not perform financial advisory and capital markets services honestly,» the regulator said. «While Mr. Hafiz is no longer an appointed representative in Singapore, the PO was issued against him to safeguard the integrity of and trust in Singapore’s financial sector.»
