Singapore Fines UBS, Citigroup $21.5M in $2.2B Money Laundering Case Involving Crypto

Singapore's Monetary Authority (MAS) has imposed S$27.5 million ($21.5M) in penalties on nine financial institutions—including UBS and Citigroup—following a sweeping money laundering investigation. The case, involving S$3 billion ($2.2B) in seized assets, marked the city-state's largest financial crime probe to date.

Credit Suisse's local unit, now absorbed by UBS, received the heaviest fine at S$5.8 million for anti-money laundering control failures. Citigroup's Singapore operations were also penalized for compliance shortcomings. The two-year investigation culminated in convictions for ten Chinese-origin defendants linked to the so-called Fujian gang, with two former bankers facing charges last year.

Authorities confiscated luxury properties, cash, and cryptocurrency during the operation. While specific digital assets weren't disclosed, the case underscores growing regulatory scrutiny of crypto's role in cross-border financial crimes. The involved firms are implementing corrective measures under MAS supervision.