Singapore Fines Nine Banks US$21.5 Million Over Major Money-Laundering Case

Singapore's central bank has imposed penalties totaling S$27.45 million (US$21.5 million) on nine financial institutions, including Credit Suisse, UBS, Citi, Julius Baer, and United Overseas Bank, for breaches of anti-money-laundering (AML) controls linked to a major S$3 billion money-laundering scandal involving online gambling proceeds. The Monetary Authority of Singapore (MAS) cited poor or inconsistent implementation of AML policies as the cause of the regulatory breaches, with specific deficiencies found in client risk assessments, source of wealth verification, and handling of suspicious transactions. This case resulted in the convictions of 10 Chinese nationals connected to the Fujian gang and the seizure of assets such as gold bars, luxury vehicles, and high-end properties. Credit Suisse Singapore received the highest penalty of S$5.8 million, while UBS and Citi were also fined. MAS emphasized its commitment to working with financial institutions to improve AML measures and stated it will take firm action where serious failings occur. These penalties represent the second-largest collective fine in Singapore's history, following actions related to the 1MDB scandal.