Singapore Imposes $21.5M in Fines on Banks Amid $3B Money Laundering Scandal

Singapore's Monetary Authority (MAS) has levied S$27.5 million (US$21.5 million) in penalties against nine financial institutions, including Credit Suisse, UBS, and Citibank, for systemic failures in anti-money laundering controls. The fines mark the conclusion of a sweeping S$3 billion laundering case tied to luxury real estate, cash, and cryptocurrencies.

The crackdown began in August 2023 with raids targeting ten convicted Chinese nationals linked to organized crime. Credit Suisse's Singapore branch bore the heaviest penalty at S$5.8 million, with MAS citing inconsistent AML implementation. While no specific cryptocurrencies were named in enforcement actions, the case underscores growing regulatory scrutiny of digital asset flows through traditional finance channels.