Particle.news
Download on the App Store
5 ARTICLES
·
3w ago

MAS Imposes S$27.45 Million Penalties on Nine Firms Tied to Singapore’s Largest Money-Laundering Case

The penalties conclude bank-level enforcement in a probe that traced about S$3 billion through nine banks to a China-linked online gambling syndicate.

Image
Image
Image
Image

Overview

  • MAS issued composition fines totaling S$27.45 million against nine banks, capital markets services licence holders and trust companies for anti-money laundering breaches.
  • Credit Suisse Singapore, now part of UBS, received the largest individual penalty of S$5.8 million.
  • Regulators found that the institutions failed to properly verify customers’ source of wealth and did not thoroughly investigate red-flagged transactions.
  • The fines rank second only to the S$29.1 million levied after the 1MDB scandal and mark the end of institutional enforcement in the multi-year case.
  • Criminal prosecutions and professional sanctions remain in progress for individuals and bank staff linked to the Fujian gang’s laundering network.