MAS issues $27.45m in penalties to 9 financial institutions over $3b money laundering case
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The Monetary Authority of Singapore (MAS) issued composition penalties amounting to $27.45 million to nine financial institutions (FIs) for anti-money laundering breaches connected to the $3 billion money laundering case from 2023.MAS identified the nine FIsMAS issues $27.45m in penalties to 9 financial institutions over $3b money laundering case
The Monetary Authority of Singapore (MAS) issued composition penalties amounting to $27.45 million to nine financial institutions (FIs) for anti-money laundering breaches connected to the $3 billion money laundering case from 2023.MAS identified the nine FIs through supervisory examinations conducted between early 2023 and early 2025, according to a statement released on Friday (July 4).The nine FIs being penalised — including banks like Credit Suisse Singapore Branch, United Overseas Bank Limited (UOB) and UBS AG, Singapore branch — were found to have breaches in connection with anti-money laundering and countering the financing of terrorism (AML/CFT) to persons of interest (POIs) in the major money laundering case.According to MAS, the penalties took into account various factors including the extent of the FI's exposure to the POIs, the number of breaches of MAS' requirements, among others.Credit Suisse was fined $5.8 million, the highest of the nine FIs. Read more
