Former DBS representative banned from financial services by MAS following obstruction of justice

The Monetary Authority of Singapore (MAS) has imposed a stringent five-year prohibition order against Mr Muhammad Hafiz Bin Ismail, a former representative of DBS Bank Limited.

This order, effective from 20 May 2024, follows Mr Hafiz’s criminal conviction and multiple legal contraventions related to his professional conduct.

Mr Hafiz was found guilty of obstructing justice by directing a colleague to relocate a safe to hinder police investigations, relating to his uncle’s arrest in January 2018.

This act led to his conviction by the State Courts on 25 May 2022, where he was sentenced to one week’s imprisonment for abetting the obstruction of justice under several sections of the Penal Code.

Additionally, Mr Hafiz compromised the integrity of his professional declarations while applying for a role as a wealth planning manager at DBS in September 2020.

According to MAS, he failed to disclose ongoing criminal investigations against him, violating the Financial Advisers Act and the Securities and Futures Act by omitting crucial information, which led DBS to misrepresent his compliance with MAS.

These violations have led MAS to determine that Mr Hafiz is unfit to uphold the ethical standards required in Singapore’s financial advisory and capital markets sectors.

The prohibition order bars Mr Hafiz from providing any financial advisory service, participating in management, acting as a director, or becoming a substantial shareholder in any financial advisory or capital markets services firm.

The MAS asserts that this measure is crucial to maintaining the trust and integrity of the financial sector in Singapore.