Singapore offered nine financial companies, including UBS and Citigroup, $ 27.5 million ($ 21.5 million) Following a probe into the country’s largest laundering of money laundering, involving the seizure of assets ranging from luxury -solid property to cryptocurrency.
The monetary authority in Singapore (MAS) announced that Credit Suisses local unit, now part of UBS, was facing the largest penalty of $ 5.8 million for hole (AML) Control, reported Bloomberg. Citigroup’s Singapore business was also fine for compliance with compliance.
Enforcement wrapping a two-year survey of a scattered $ 3 billion dollars (2.2 billion dollars) Case revealed in 2023.
Ten individuals of Chinese origin, called the Fujian gang, were convicted, while two ex-banors were indicted last year for their commitment.
Authorities seized cash, property, advanced goods and cryptocurrency attached to the case. The companies involved are taking remedial steps and the regulator plans to monitor progress closely.
