Singapore Fines Nine Banks S$27.45 Million Over $3 Billion Money Laundering Case

Singapore's Monetary Authority (MAS) has fined nine financial institutions a total of S$27.45 million (US$21.5 million) for their roles in the city-state's largest money laundering case linked to a US$2.2 billion illicit assets seizure in 2023. The case involved 10 foreigners convicted for laundering funds primarily from online gambling and overseas scams, with assets seized including luxury cars, properties, and gold bars. Credit Suisse, now acquired by UBS, received the highest single fine of S$5.8 million, followed closely by UOB with S$5.6 million, UBS with S$3 million, and Citibank with S$2.6 million. MAS found significant deficiencies in the banks' implementation of anti-money laundering controls, including poor customer risk assessments, inadequate verification of wealth sources, and insufficient monitoring of suspicious transactions. In response, the financial institutions have initiated remediation efforts, and MAS will continue to monitor their progress closely, emphasizing that serious failings will be met with firm action. Additionally, several individuals involved were issued prohibition orders barring them from regulated activities for periods ranging from three to six years.