Singapore Fines UBS, Citi, Others $21.5M In Money Laundering Scandal

HomeNews* Singapore fined nine financial firms $21.5 million in connection with a major money laundering scandal.

• The Monetary Authority of Singapore (MAS) led the enforcement action after a probe into a $2.2 billion case revealed in 2023.
• Credit Suisse’s local branch, now part of UBS, received the largest single penalty of $4.5 million for anti-money laundering failures.
• Authorities seized assets including luxury properties, cash, high-end goods, and cryptocurrency.
• Firms involved are implementing corrective actions while regulators continue monitoring compliance progress. Singapore has imposed fines totaling $21.5 million on nine financial institutions, including UBS and Citigroup. The action follows a government investigation into the country’s largest reported money laundering case, where authorities confiscated assets such as luxury real estate and cryptocurrency.

• Advertisement - The Monetary Authority of Singapore (MAS) announced the penalties at the conclusion of a two-year probe that began after the 2023 discovery of a $2.2 billion money laundering scheme. Credit Suisse, now under UBS, was issued the highest fine at $4.5 million due to weaknesses in anti-money laundering (AML) controls. Citigroup’s local operations also received a penalty for compliance shortcomings, as reported by Bloomberg.

MAS stated that the affected institutions failed to meet established AML standards, exposing gaps in their ability to detect and prevent illicit transactions. The scope of seized assets included high-value homes, cash holdings, luxury goods, and digital currencies.

The case, made public in 2023, involved a network called the Fujian gang, consisting of ten Chinese nationals, all now convicted. In addition, two former bankers were charged in connection with their roles. The total amount seized reached $2.2 billion, making it one of the largest financial crime cases in Singapore’s history.

Following the enforcement action, companies are taking steps to strengthen their compliance systems. MAS said it will closely supervise these remedial efforts to ensure future adherence to anti-money laundering regulations.

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