Singapore Fines Banks $27M in Laundering Scandal

Singapore's Monetary Authority (MAS) fined nine financial institutions a total of S$27.45 million (US$21.5 million) over anti-money laundering breaches linked to a $3 billion money laundering case. Credit Suisse Singapore, now part of UBS, received the largest fine at S$5.8 million, followed by UOB and UBS. MAS found that eight of the nine institutions failed to act on internal red flags and that compliance failures stemmed from inconsistent implementation of controls rather than a widespread compliance breakdown. The case involved a syndicate of Chinese nationals who laundered proceeds from illegal online gambling by purchasing luxury assets in Singapore. MAS also issued prohibition orders against several individuals involved. This enforcement concludes MAS's investigations into the implicated financial institutions.