Singapore Slaps Fines on Nine Banks Over USD2.4bn Laundering Case

The Monetary Authority of Singapore (MAS) has fined nine financial institutions a combined SGD27.45m for anti-money laundering lapses linked to the city-state’s largest money laundering case, involving over SGD3bn (USD2.4bn). The violations relate to ten Chinese nationals convicted in 2023 for laundering illicit gambling proceeds.

Fines included SGD5.8m for Credit Suisse Singapore, SGD5.6m for UOB, SGD3m for UBS AG Singapore, and SGD2.6m for Citibank entities. MAS cited failings in risk assessment and transaction monitoring. Four individuals were barred from the sector for up to six years, with five others reprimanded.