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Billion-dollar money laundering case: MAS slaps 9 financial institutions with S$27.45 million in penalties
The Monetary Authority of Singapore (MAS) has imposed S$27.45 million (US$21.55 million) in penalties on nine financial institutions for breaches related to the 2023 money laundering case involving more than S$3 billion in assets. Action has also been taken against 18 individuals involved in managing relationships with suspects in the case, MAS announced on Friday (Jul 4). Credit Suisse received the highest composition penalty of S$5.8 million. The bank was acquired by fellow Swiss bank UBS in 2023. UOB, UBS, UOB Kay Hian and Citibank received the next highest penalties. Swiss bank Julius Baer, asset management firm ... (full story)
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