According to Deep Tide TechFlow news on July 6, CoinDesk reported that the Monetary Authority of Singapore (MAS) recently announced a total fine of 27.5 million Singapore dollars (approximately 21.5 million US dollars) against nine financial institutions, including UBS and Citigroup, marking the end of the largest money laundering investigation in the country's history.
According to Bloomberg, the Credit Suisse Singapore branch, now merged with UBS, faces a maximum fine of 5.8 million Singapore dollars for anti-money laundering (AML) control breaches. Citigroup's Singapore operations were also fined for compliance errors.
This investigation, which began in 2023 and lasted two years, involved money laundering activities totaling up to 2.2 billion US dollars. During the investigation, ten Chinese nationals known as the 'Fujian Gang' have been convicted, and two former bankers were prosecuted last year for their involvement.
The law enforcement agencies seized a large amount of assets in this case, including cash, luxury properties, high-end goods, and cryptocurrencies. The Monetary Authority of Singapore stated that the financial institutions involved are taking remedial measures, and the regulatory agency will closely monitor the progress of the rectification.