Singapore cracks down on AML failures with S$27.45 million in fines
The banks penalized include Credit Suisse, UOB, UBS, Citi, Julius Baer and LGT.
Singapore's financial regulator has imposed significant penalties on nine institutions for anti-money laundering (AML) lapses connected to the city-state's S$3 billion money laundering case uncovered in August 2023. The Monetary Authority of Singapore (MAS) levied total fines of S$27.45 million (US$21.54 million) against major banks and financial service providers for systemic compliance failures.
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