Singapore Fines Global Banks $27m Over Massive Laundering Scandal

Singapore’s central bank (MAS) fined nine financial institutions a total of SG$27.45 million for anti-money laundering failures linked to the country’s largest-ever money laundering case worth SG$3 billion. Those penalised include Citibank, UBS, Credit Suisse, and UOB, among others. The convicted individuals, mostly from China’s Fujian province holding foreign passports, laundered gambling proceeds through Singapore’s financial system. MAS cited poor implementation of safeguards, inadequate customer risk assessments, and failure to act on suspicious “red flags.” Additionally, four individuals were banned from the financial sector for up to six years, while five others received reprimands as MAS concluded its probe.

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