Monetary Authority (Amendment) Act, 2023
An amendment expanding CIMA's administrative fining powers and enhancing information sharing capabilities.
Monetary_Authority_(Amendment)_Act_2023.pdf
2026-04-28
The Monetary Authority (Amendment) Act, 2023 introduces significant updates to the monetary-authority-act-2020, primarily enhancing cima's enforcement and cooperation mechanisms.
Expanded Administrative Fines
The amendment broadens the scope of entities subject to administrative-fines. CIMA can now impose fines on:
- Partnerships (including exempted limited partnerships).
- Limited Liability Partnerships (LLPs).
- Unincorporated Associations.
Furthermore, it establishes personal liability for partners and managers of these entities if a breach is committed with their consent, connivance, or is attributable to their neglect.
Increased Penalties: The maximum limits for discretionary fines have been significantly increased (source: raw/Monetary_Authority_(Amendment)_Act_2023.pdf):
- Serious Breaches: Up to $50,000 for individuals and $100,000 for corporate bodies, partnerships, LLPs, or unincorporated associations.
- Very Serious Breaches: Up to $100,000 for individuals and $1,000,000 for corporate bodies, partnerships, LLPs, or unincorporated associations.
Enhanced Information Sharing
The Act strengthens CIMA's ability to share information:
- Criminal Conduct: CIMA may provide information relating to "criminal conduct" (as defined in the proceeds-of-crime-act-2024) discovered during its regulatory functions to overseas regulatory authorities.
- Competent Authority: CIMA is explicitly authorized to share information regarding regulated persons or entities with the "competent authority" (the Minister responsible for the Companies Act).