Singapore fines 9 firms US$22 million over mega money-laundering case
Monetary Authority of Singapore (MAS) has issued nine banks, capital markets services licence holders and trust companies composition penalties totalling S$27.45 million (US$21.55 million) over breaches tied to a S$3 billion (US$2.36 billion) money-laundering case that shook the city state.
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MAS said on Friday the latest regulatory moves marked the end of enforcement action against financial institutions with connections to the case. All nine financial institutions have accepted the penalties for their violations arising from the largest money-laundering case ever in
Singapore
In August 2023, Singapore's authorities began their high-profile arrests of 10 people of Chinese origin who were found to be linked to an online gambling syndicate known as the Fujian gang. They used their ill-gotten gains to buy lavish items including high-end properties, luxury cars, jewellery and designer goods. Other individuals involved in the scheme remain at large.
As of December 2024, assets amounting to around S$2.79 billion had been surrendered to the state, the home affairs ministry said earlier this year.
The latest penalties by the MAS come second to S$29.1 million penalties issued against financial institutions with operations in Singapore following the 1Malaysia Development Bhd (1MDB) scandal. Among them, BSI Bank faced the largest penalty at S$13.3 million and lost its bank license here for serious breaches in anti-money-laundering requirements.
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In the latest set of penalties, Credit Suisse Singapore, which has been acquired by UBS, received the largest penalty of S$5.8 million.
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