Singapore fined nine financial firms, including UBS and Citigroup, S$27.5 million ($21.5 million) after a probe into the country’s largest money laundering scandal, which involved the seizure of assets ranging from luxury real estate to cryptocurrency.
The Monetary Authority of Singapore (MAS) announced that Credit Suisse’s local unit, now part of UBS, faced the biggest penalty of S$5.8 million for gaps in anti-money laundering (AML) controls, Bloomberg reported. Citigroup’s Singapore business was also fined for compliance lapses.
The enforcement wraps up a two-year investigation into a sprawling S$3 billion ($2.2 billion) case revealed in 2023.
Ten individuals of Chinese origin, dubbed the Fujian gang, were convicted, while two ex-bankers were charged last year for their involvement.
Authorities seized cash, property, high-end goods, and cryptocurrency linked to the case. Involved firms are taking remedial steps, and the regulator plans to monitor progress closely.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
