Singapore Fines Financial Firms $21.5M in Landmark Money Laundering Case Involving Crypto

Singapore's Monetary Authority of Singapore (MAS) has imposed fines totaling S$27.5 million ($21.5 million) on nine financial institutions, including UBS and Citigroup, following a probe into the country's largest money laundering scandal. The case, which involved the seizure of assets ranging from luxury real estate to cryptocurrency, concluded a two-year investigation into a S$3 billion ($2.2 billion) operation.

Credit Suisse's local unit, now part of UBS, faced the heaviest penalty at S$5.8 million for deficiencies in anti-money laundering controls. Citigroup's Singapore branch was also penalized for compliance failures. Ten individuals of Chinese origin, referred to as the Fujian gang, were convicted, while two former bankers were charged last year for their roles in the scheme.

Authorities confiscated cash, high-end properties, luxury goods, and cryptocurrency linked to the case. The involved firms are now implementing corrective measures, with the regulator committed to closely overseeing their progress.