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Singapore Fines Banks S$27.45M in Major Money Laundering Case

7/5/2025

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Summary

Story summary

Singapore's central bank fined nine financial institutions a total of S$27.45 million for inadequate monitoring in a significant money laundering case.
The case involved over S$3 billion in illicit assets, leading to ten convictions.
Fines for institutions like Citibank, UBS, and Julius Baer ranged from S$1 million to S$5.8 million.
The Monetary Authority of Singapore acknowledged the banks' efforts to enhance anti-money laundering practices.

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Story summary

Singapore's central bank fined nine financial institutions a total of S$27.45 million for inadequate monitoring in a significant money laundering case.
The case involved over S$3 billion in illicit assets, leading to ten convictions.
Fines for institutions like Citibank, UBS, and Julius Baer ranged from S$1 million to S$5.8 million.
The Monetary Authority of Singapore acknowledged the banks' efforts to enhance anti-money laundering practices.