MAS defends AML supervision in wake of billion-dollar scandal

Credit Suisse, Citi, DBS and Deutsche Bank among firms implicated

Monetary Authority of Singapore

Ten suspects have been charged in Singapore in a billion-dollar money laundering scandal that implicates some of the world’s largest banks.

The incident has prompted a review of money laundering controls by the Monetary Authority of Singapore, and comes as the financial centre holds the Financial Action Task Force presidency.

The proceeds of the large-scale laundering are believed to come from “overseas organised crime activities, including scams and online gambling”, police said.


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