US EditionBillion-Dollar Money Laundering Case: MAS Slaps 9 Financial Institutions with S$27.45 Million in Penalties
- Singapore’s financial regulator imposed a total of S$27.45 million in fines on nine financial institutions for violations of anti-money laundering regulations linked to a $3 billion laundering scheme uncovered in 2023.
- The breaches, occurring between 2019 and 2023, involved inadequate checks on customers' sources of wealth and poor follow-up on suspicious transactions flagged by the institutions' systems.
- Among those penalized, Blue Ocean Invest's CEO Tsao Chung-yi and COO Wong Xuan Ling received prohibition orders of six and five years respectively for failing to maintain adequate AML/CFT controls during the firm's significant growth.
- Credit Suisse was fined the highest penalty of S$5.8 million, UOB received S$5.6 million, and MAS noted that eight of nine institutions failed to investigate flagged suspicious transactions adequately.
- MAS said it will continue monitoring remedial measures closely and work with financial institutions to ensure more consistent AML/CFT implementation and take firm action against serious failings.
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Singapore: MAS fines 9 financial institutions SGD 27.45M in major money laundering case - Connected to India News I Singapore l UAE l UK l USA l NRI
The Monetary Authority of Singapore (MAS) on July 4 announced regulatory actions against nine financial institutions and several individuals for breaches related to anti-money laundering rules. These actions follow MAS’ supervisory examinations linked to individuals of interest in the major money laundering case uncovered in August 2023. The MAS building. Photo courtesy: MAS/LinkedIn The announcement marks the conclusion of enforcement actions a…
This measure is part of a series of actions, after these financial institutions were accused of money laundering in the US Jaqueline Viedma Faced with the measures that have been taken with the financial institutions CIBanco, Intercam Banco and Vector Casa de Bolsa, the Ministry of Finance and Public Credit (SHCP) announced the start of a process of excision of the fiduciary business of the first two institutions mentioned. This measure is part …
The parliamentary refusal is not directed exclusively against Panama, but against the complete package of countries proposed to be removed from the list. Parliament argues that voting in bloc prevents the analysis of each country in a differentiated way.
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