Nine financial institutions fined S$27.5m in Singapore for AML failings

In fallout from a major money laundering case, in 2023, involving gold bars and luxury cars linked to online gambling, which led to the conviction of 10 Chinese nationals in Singapore, nine firms in the country, including Credit Suisse, UBS and Citibank, have been issued penalties totalling S$27.45m (US$21.54m).

In fallout from a major money laundering case [1], in 2023, involving gold bars and luxury cars linked to online gambling, which led to the conviction of 10 Chinese nationals in Singapore, nine firms in the country, including Credit Suisse, UBS and Citibank, have been issued penalties totalling S$27.45m (US$21.54m). [2]