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BTCC / BTCC Square / Global Cryptocurrency /
Singapore Imposes $21.5M in Fines on Major Banks Over $3B Money Laundering Scandal

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

Author:
Global Cryptocurrency
Published:
2025-07-05 12:17:02
10
2
BTCCSquare news:

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 anti-money laundering control failures. The fines mark the conclusion of a S$3 billion laundering case involving luxury assets and cryptocurrencies, linked to ten convicted Chinese nationals.

Credit Suisse's Singapore branch received the heaviest penalty at S$5.8 million, with MAS citing inconsistent AML implementation. The 2023 crackdown uncovered illicit funds flowing through real estate, cash holdings, and digital assets before resulting in prison sentences and deportation orders.

|Square

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