Two insurance agents charged over falsifying records, providing false information to MAS

TWO insurance agents were charged on Thursday (May 19) for obstructing the course of justice by falsifying records and providing false information, the Monetary Authority of Singapore (MAS) said in a statement.

The 2 individuals, Eunice Yuen and Grace Tan, were charged for offences under the Financial Advisers Act (FAA), while Yuen was also further charged under the Penal Code (PC). The agents were from Prudential Assurance Company Singapore.

In September 2018, Yuen had been asked to attend an interview with MAS to record a statement in connection with an ongoing investigation.

According to MAS, Yuen is accused of having caused Tan to make false entries in the documents she provided to MAS after she knew of the interview. These documents include coaching forms containing particulars of Yuen's coaching sessions in her role as a supervisor.

Yuen is also accused of having intentionally deleted messages from her mobile phone ahead of the interview while knowing that the information was likely to be required by MAS as part of its investigations, MAS said.

Yuen faces 6 charges, comprising 2 counts of wilfully causing false entries to be made under section 85(1)(a) of the FAA, 2 counts of furnishing the falsified documents to MAS under section 76(2) of the FAA, 1 count of providing false or misleading information to an MAS investigating officer under section 71I(3) of the FAA, as well as 1 charge under section 204A of the PC for the intentional obstruction of justice for the deleted messages.

Meanwhile, Tan faces 2 charges under section 85(1)(a) of the FAA for wilfully making false entries.

For each charge of section 85(1)(a) of the FAA, Yuen and Tan face a fine not exceeding S$100,000 or imprisonment for a term not exceeding 2 years, or both.

For each charge of sections 76(2) and 71I(3) of the FAA, Yuen faces a fine not exceeding S$50,000 or imprisonment for a term not exceeding 2 years, or both.

If convicted of the charge under section 204A of the PC, Yuen faces imprisonment for a term of up to 7 years, or a fine, or both.

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