The Monetary Authority of Singapore's penalties reflect the culmination of a two-year investigation into a S$3 billion money laundering operation tied to the Fujian Gang.
On July 6, Singapore's Monetary Authority announced fines of S$27.5 million (about $21.5 million) against nine financial companies, including UBS and Citigroup, for anti-money laundering failures. Credit Suisse's Singapore branch, now part of UBS, received the largest fine of S$5.8 million. The investigation, linked to a S$3 billion scheme involving the Fujian Gang, resulted in asset seizures including cash and cryptocurrencies. Ten individuals have been convicted, and the institutions are taking corrective actions under MAS oversight.