Singapore has punished nine financial companies, including UBS and Citigroup, S $ 27.5 million ($ 21.5 million) After an investigation into the largest monetary laundering scandal in the country, involved in the abduction of properties from luxury real estate to cryptocurrency.
Singapore’s financial authority (But) announced that the local unit of credit Suisse, now part of the UBS, faces the largest S $ 5.8 million penalty penalty for anti-money laundering gaps (AML) controls, Bloomberg reported. Citigroup’s Singapore business is also charged for compliance.
Implementation wraps a two -year investigation into a glowing S $ 3 billion ($ 2.2 billion) Case revealed in 2023.
Ten individuals of Chinese origin, called the Fujian gang, were convicted, while two ex-bankers were charged last year for their involvement.
Authorities have taken cash, owned, high-end goods, and cryptocurrency linked to the case. The involved companies take remedies steps, and the regulator plans to monitor the development closely.
