According to the MAS, the Asian asset management group voluntarily reported that some 48,769 customers did not get their monthly account statements from November 2004 to October 2010.
In failing to do so the company had breached rule 40 of the Securities and Futures (Licensing and Conduct of Business) Regulations which requires the holder of a Capital Markets Services licence to issue monthly statements.
The company, which has its headquarters in Singapore and regional and business offices in Malaysia, Thailand, Brunei, Taiwan and Japan, said that the problem has now been rectified.
