Overview

Singapore recently penalized nine financial institutions, including UBS and Citigroup, with fines totaling S$27.5 million (approximately $21.5 million USD) as part of ongoing efforts to address the country’s most significant money laundering scandal.

Key Highlights

• The Monetary Authority of Singapore (MAS) completed a two-year investigation into a $2.2 billion money laundering scheme, leading to substantial fines and legal actions.
• The investigations revealed involvement from a group known as the Fujian gang, culminating in the confiscation of various assets, including luxury real estate, cryptocurrencies, and cash.

Details of the Investigations

The MAS disclosed that Credit Suisse, now merged with UBS, received the largest penalty, totaling S$5.8 million, for shortcomings in its anti-money laundering (AML) measures. Citigroup also faced penalties for compliance failures.

Investigation Assets

This enforcement action concludes an extensive investigation into a S$3 billion case that first came to light in 2023. As a result of this operation, ten individuals of Chinese descent related to the Fujian gang have been convicted, while two former bankers are facing charges for their roles in the scandal.

Authorities have also seized various forms of property and cryptocurrency linked to this case, while the involved firms are implementing corrective measures. The MAS indicates it will closely monitor the progress of these institutions to ensure compliance with regulations.