The city-state’s central bank and regulatory enforcer fined the London headquartered company, which is famed for being wealth advisers to the British royal family, in May, but has only now released limited details.
The MAS said Coutts has paid a “composition amount” of S$30,000 ($22,000, £15,000) after contravening Section 99B Securities and Futures Act when one of its representatives was allowed to “carry on business in the regulated activity of fund management from 19 March 2013 to 26 July 2013 when […] not an appointed representative, provisional representative or temporary representative”.
When announcing the fine, the MAS warned:
“All financial institutions should ensure that they do not permit any individual to conduct any type of regulated activity under the SFA on their behalf unless the individual is an appointed representative, provisional representative or temporary representative (as the case may be) in respect of that type of regulated activity.”
