MAS revokes insurance broker license of Acesynergy Brokers

ABPL failed to comply with regulatory requirements.

The Monetary Authority of Singapore (MAS) has cancelled the registration of Acesynergy Brokers Pte. Ltd (ABPL) as an insurance broker, effective 24 July.

ABPL is no longer permitted to operate an insurance broking business in Singapore.

ABPL has reportedly returned all remaining policyholders’ moneys and connected them with their respective insurers, MAS said in a press release.

The cancellation comes as ABPL failed to comply with applicable regulatory requirements, registration conditions, and written directions from MAS. 

These included ABPL’s failure to submit annual regulatory returns on time, arrange for the audit of annual regulatory returns, and appoint the required minimum number of broking staff, the financial authority said.

MAS particularly found “significant weaknesses” in ABPL’s management oversight, and its accounting and compliance processes.

“ABPL further failed to comply with MAS’ written directions to remediate the inspection findings and appoint an independent external person to review its remediation measures. This was despite MAS’ repeated engagements with its chief executive officer and director, Mr Tan Chuan Lam,” MAS said in a statement.