Singapore fines financial firms $21.5 million for AML breaches
MAS punishes nine institutions, including Credit Suisse and UBS, and 18 individuals over 2023 case
Singapore’s central bank on July 4 handed down $21.5 million in fines to nine financial institutions in relation to breaches of anti-money laundering (AML) regulations.
The Monetary Authority of Singapore (MAS) said it had fined six banks and three financial institutions based in the country, and penalised 18 individuals associated with a money laundering scheme that took place in 2023. The authorities seized more than $2.2 billion in illicit assets during raids in August 2023 that targeted both
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