(Reuters) – Singapore’s market regulator on Thursday lifted a ban on UOB Kay Hian Private Ltd after nearly two years, according to a statement by the regulator.
Under the ban, imposed in December 2022, the brokerage firm backed by United Overseas Bank was prohibited from undertaking new mandates as an issue manager or full sponsor for initial public offerings and reverse takeovers.
The Monetary Authority of Singapore had in August 2022 imposed a S$375,000 ($278,851) penalty on UOB Kay Hian for failure to comply with anti-money laundering and counter-terrorism financing laws.
Since then, the company undertook remedial actions to address the regulator’s recommendations.
Shares of UOB Kay Hian closed 0.6% higher on Thursday at S$1.59, ahead of the regulator’s announcement.
(Reporting by Sherin Sunny in Bengaluru; Editing by Mrigank Dhaniwala)
