The Monetary Authority of Singapore (MAS) has slapped Coutts & Co with $30,000 penalty for allowing one of its representatives to conduct fund management activities without the required authorization.

MAS said Coutts conducted business via an unregulated introducer in Singapore from 19 March 2013 to 26 July 2013 when he was not an appointed representative, provisional representative or temporary representative.

Under the Section 99B(3)(a) of the SFA, a principal shall not permit any individual to carry on business in any type of regulated activity on its behalf.

"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 in respect of that type of regulated activity," MAS added.

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