Money laundering case: MAS slaps 9 financial institutions with S$27.45m in penalties

Credit Suisse, UOB and UBS were among nine financial institutions that have been slapped with S$27.45 million in penalties for breaches related to the 2023 money laundering case involving more than S$3 billion in assets. Action has also been taken against 18 individuals involved in managing relationships with suspects in the case. MAS added that this marked the conclusion of its enforcement actions against financial institutions with a “material nexus” to the money laundering case. However, it may take action against “a few remaining individuals” after ongoing court proceedings or investigations conclude.