Singapore fined nine financial firms, including UBS and Citigroup, S $ 27.5 million ($ 21.5 million) After an investigation into the largest money laundering scandal, which implied the seizure of assets ranging from luxury real estate to cryptocurrencies.
Singapore’s monetary authority (Further) He announced that the Local Credit Suisse unit, now part of UBS, faced the largest fine of s $ 5.8 million for lagoons in money laundering (AML) Controls, Bloomberg reported. Citigroup’s business in Singapore was also fined for compliance periods.
The application concludes a two -year investigation into an extensive S $ 3 billion ($ 2.2 billion) case revealed in 2023.
Ten individuals of Chinese origin, called the Fujian gang, were convicted, while two former bankers were accused last year for their participation.
The authorities seized cash, properties, high -end goods and cryptocurrencies linked to the case. The companies involved are taking corrective measures, and the regulator plans to closely monitor progress.
