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Singapore fines 9 financial institutions $21.5 million to close $2.2 billion money laundering case involving crypto, cash, and real estate
Summary: According to reports, the Monetary Authority of Singapore (MAS) has announced fines totaling 27.5 million Singapore dollars (approximately 21.5 million US dollars) for nine financial institutions including UBS and Citigroup to conclude the country's largest money laundering investigation. The case involves 10 individuals linked to the 'Fujian Gang', with seized assets including cash, luxury homes, ...
According to reports, the Monetary Authority of Singapore (MAS) has announced fines totaling 27.5 million Singapore dollars (approximately 21.5 million US dollars) for nine financial institutions including UBS and Citigroup to conclude the country's largest money laundering investigation. The case involves 10 individuals linked to the 'Fujian Gang', with seized assets including cash, luxury homes, luxury goods, and cryptocurrencies. UBS's former Singapore branch under RBS was fined 5.8 million Singapore dollars for anti-money laundering control lapses, the highest fine imposed on an institution. (CoinDesk)
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Link: Singapore fines 9 financial institutions $21.5 million to close $2.2 billion money laundering case involving crypto, cash, and real estate [Copy]
