The Monetary Authority of Singapore (MAS) recently announced that it has fined nine Financial Institution Groups, including UBS and Citigroup, a total of 27.50 million Singapore dollars (about 21.50 million US dollars), marking the end of the largest money laundering investigation in the country's history.
Credit Suisse Singapore, which is now part of UBS, faces a maximum fine of S $5.80 million for anti-money laundering (AML) control lapses, according to Bloomberg. Citigroup Singapore was also fined for compliance lapses.
Ten Chinese nationals known as the "Fujian Gang" have been convicted in the two-year investigation, which began in 2023 and involved money laundering totalling $2.20 billion, and two former bankers were indicted last year for their involvement.
Law enforcement authorities seized a large number of assets in the case, including cash, luxury real estate, high-end commodities and cryptocurrencies. The Monetary Authority of Singapore said the Financial Institution Group involved is taking remedial measures and the regulator will closely monitor the progress of rectification.
Singapore fines nine Financial Institution Groups, including UBS, a total of $21.50 million for seized assets involving cryptocurrencies
2025-07-06 00:22:19
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