Crypto, Cash, and Condos: Singapore Ends $2.2B Laundering Case With Fines
Main Idea
Singapore has fined nine financial firms, including UBS and Citigroup, a total of S$27.5 million ($21.5 million) for lapses in anti-money laundering (AML) controls related to a $2.2 billion money laundering scandal.
Key Points
1. The Monetary Authority of Singapore (MAS) imposed fines on nine financial institutions, with Credit Suisse’s local unit (now part of UBS) receiving the largest penalty of S$5.8 million.
2. Citigroup’s Singapore business was also fined for compliance failures in AML controls.
3. The fines conclude a two-year investigation into a S$3 billion ($2.2 billion) money laundering case uncovered in 2023.
4. Ten individuals of Chinese origin, referred to as the Fujian gang, were convicted, and two former bankers were charged in connection with the scandal.
5. The case involved the seizure of assets, including luxury properties, cash, and cryptocurrencies.
Description
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 w...
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