Singapore fined 9 monetary companies, together with UBS and Citigroup, S$27.5 million ($21.5 million) after a probe into the nation’s largest cash laundering scandal, which concerned the seizure of property starting from luxurious actual property to cryptocurrency.
The Financial Authority of Singapore (MAS) introduced that Credit score Suisse’s native unit, now a part of UBS, confronted the largest penalty of S$5.8 million for gaps in anti-money laundering (AML) controls, Bloomberg reported. Citigroup’s Singapore enterprise was additionally fined for compliance lapses.
The enforcement wraps up a two-year investigation right into a sprawling S$3 billion ($2.2 billion) case revealed in 2023.
Ten people of Chinese language origin, dubbed the Fujian gang, had been convicted, whereas two ex-bankers had been charged final yr for his or her involvement.
Authorities seized money, property, high-end items, and cryptocurrency linked to the case. Concerned companies are taking remedial steps, and the regulator plans to observe progress carefully.