Citi, Credit Suisse and UBS are among the banks that have been fined by the Monetary Authority of Singapore (MAS) for breaching anti-money laundering requirements following Singapore’s largest money laundering case in 2023.
MAS announced regulatory actions against nine financial institutions and several individuals today (4 July) having concluded its investigations into people connected to the case.
Penalties amounting to S$27.5m (£15.8m) have been imposed upon:
- Credit Suisse Singapore
- United Overseas Bank
- UBS AG, Singapore
- Citibank N.A. Singapore and Citibank Singapore
- Bank Julius Baer & Co, Singapore Branch
- LGT Bank Singapore
- UOB Kay Hian Private
- Blue Ocean Invest
- Trident Trust Company Singapore
MAS found shortcomings in customer risk assessment, flagging up customers who posed a higher risk of money laundering, transaction monitoring, and following up suspicious transaction reports.
Regulatory actions against individuals range from prohibition orders to reprimands.
Ho Hern Shin, deputy managing director, financial supervision, MAS, said: “Like other major international financial centres, Singapore is exposed to money laundering risks. The vigilance of our financial institutions and their employees is critical in mitigating such risks.
MAS will work closely with financial institutions to promote more consistent implementation of AML/CFT measures. Where there are serious failings by FIs and their employees, MAS will not hesitate to take firm action.”
