On Feb. 15, MAU FSC amended the rules on administrative penalties.
MAU FSC issued the Financial services (framework for the imposition of administrative penalties) (amendment) rules 2025, amending the principal rules, namely the Financial services (framework for the imposition of administrative penalties) rules 2022.
Document dated Feb. 15, 2025, received from MAU FSC Feb. 18, summarized Feb. 20.
Key Changes
The amendment implements a tiered discount system for early penalty settlements.
50% discount for early settlement before being referred to enforcement committee.
20% discount for settlement between referral and the issue of a warning notice.
10% discount for settlement between a warning notice and the decision notice.
0% discount for settlement after a matter has been remitted to the enforcement committee by the financial services review panel for reconsideration.
