Singapore Fines 9 Banks in $3B Money Laundering Scandal Involving Cryptocurrencies

Singapore's Monetary Authority (MAS) has levied S$27.5 million (US$21.5 million) in penalties against nine financial institutions, including UBS Group AG and Citigroup Inc., for anti-money laundering (AML) failures. The crackdown follows last year's uncovering of a S$3 billion laundering operation—Singapore's largest—which involved seized assets ranging from luxury real estate to cryptocurrencies.

Credit Suisse's Singapore branch received the steepest fine at S$5.8 million, with regulators citing inconsistent AML controls across multiple banks. Ten individuals linked to the so-called Fujian gang have been convicted, while former bankers face charges in 2024. Four offenders received three-to-six-year prohibition orders from MAS.

The enforcement concludes a two-year supervisory review that has shaken Singapore's reputation as a tightly regulated financial hub. Institutions are now implementing corrective measures under close regulatory scrutiny.