Singapore Slams Banks, Crypto as $3B Money Laundering Scandal Ends — TradingView News
In one of the biggest financial enforcement moves in its history, Singapore has fined nine major financial institutions a total of S$27.5 million (US$21.5 million) for failures in anti-money laundering (AML) controls. This comes in the final chapter of a S$3 billion money laundering scandal that rocked the city-state in 2023.
The Monetary Authority of Singapore (MAS) confirmed the penalties on Thursday, naming global banks like Credit Suisse, UBS, Citibank, UOB, Julius Baer, LGT Bank, and asset manager Blue Ocean among those penalized.
Yes, this is serious. Read on for the details!
The Assets That Sparked the Crackdown
This massive case first surfaced in August 2023, when police raided multiple properties and arrested ten Chinese…
