“Singapore Hits Banks With $ 21.5m in Fines Over A $ 2.2 Billion Money Laundering Scandal Involving Cash, Property and Crypto”, – WRITE: www.coindesk.com
The Monetary Authority of Singapore (Mas) Announced that Credit Suisse’s Local Unit, Now Part of UBS, Faced The Biggest Penalty of S $ 5.8 Million For Gaps in Anti-Money Laler. Citigroup’s Singapore Business Was Also FINED FOR COMPLANCE LAPSES.
The Enforcement Wraps Up A Two-Year Investigation Into A Sprawling S $ 3 Billion ($ 2.2 Billion) CASE REVELED IN 2023.
Ten Individuals of Chinese Origin, Dubbed the Fujian Gang, Were Convicted, While Two Ex-Bankers Were Charged Last Year for Their Involvement.
Authoritities Seized Cash, Property, High-End Goods, and Cryptocurrency Linked to the Case. Involved Firms Are Taking Remedial Steps, and The Regulator Plans to Monitor Progress Closely.
