After uncovering its first case of improper trading, Singapore is on guard and asking companies in its $10 billion mutual fund industry to ensure that the one instance was isolated, Reuters reports.
Last week,
"The timely detection of the fraud helped limit its financial impact, and Alliance has informed MAS that it has made appropriate adjustments to bring the funds financial positions to what they would have been had the fraud not occurred," said MAS. The regulator also serves as the city states central banking office.
A unit of Alliance Capital Management Holding, which itself has settled with the
"MAS has no reason to believe that similar fraudulent practices are widespread in the unit trust industry in Singapore," the regulator assured.