🏦 The Enforcement
Nine financial institutions including major banks — Credit Suisse, UBS, Citibank, Julius Baer, LGT Bank, and UOB — along with asset managers like UOB Kay Hian, Blue Ocean Invest, and Trident Trust, have been fined a total of S$27.45 million (US $21.5 million) by Singapore’s central bank (MAS) .
Penalties ranged from about S$1 million to S$5.8 million per entity, with Credit Suisse hit hardest at S$5.8 million .
💰 The Case
Behind the crackdown was a S$3 billion (US$2.2 billion) money laundering network orchestrated by 10 foreign nationals who were arrested in August 2023. They disguised proceeds from overseas scams and online gambling, routing them through bank accounts, luxury real estate, cars, handbags, jewellery — and even cryptocurrencies .
Those convicted received prison sentences between 13–17 months and have since been deported and barred from re-entry .
🔍 What Went Wrong
MAS found critical weaknesses in customer risk assessments, source-of-wealth verification, and monitoring of suspicious transactions — including crypto-related inflows .
🔐 Bank & Crypto Reforms
In the wake of the scandal, banks like Citigroup, DBS, and UBS intensified due diligence, including stricter checks on high-net-worth clients with golden passports, enhanced staff training, and more stringent KYC controls .
MAS is extending these compliance upgrades to the crypto sector, introducing new rules: retail investment limits, mandatory full-ID for transfers over SGD 1,500, and licensing requirements under the Financial Services and Markets Act by mid‑2025 .
🔑 Key Takeaways
Theme Impact & Insight
Scale Largest money‑laundering case in Singapore: S$3 billion in illicit assets.
Penalties Nine institutions fined S$27.45 million; MAS pledges stricter AML enforcement.
Reforms Heightened KYC, risk monitoring, crypto regulation, and staff training.
Message Singapore is reinforcing its global reputation as a trusted financial hub