Monetary Authority of Singapore issues penalties to nine financial institutions
The action resulted from a nearly two-year investigation.
Key points:
– An investigation that started in August 2023 revealed breaches in nine companies
– The MAS found these financial institutions had anti-money laundering policies in place but were executed poorly
The Monetary Authority of Singapore (MAS) has taken regulatory action against nine financial institutions, as well as against several individuals for anti-money laundering related breaches.
This action followed supervisory examinations the MAS wrapped up, which began in August 2023. The inquiry pertained to pertinent financial institutions “with nexus to persons of interest in the major money laundering case, and their employees who fell short of MAS’ Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements.”
The MAS further explained: “The breaches were identified during MAS’ supervisory examinations of the financial institutions from early 2023 to early 2025. Overall, MAS observed that most of the financial institutions had established AML/CFT policies and controls.
“The breaches arose out of poor or inconsistent implementation of these policies and controls. The financial institutions have embarked on remediation of the deficiencies and MAS will monitor their progress closely.”
As a result, MAS has issued a total of S$27.45m ($21.46m) in fines against nine financial institutions, including Credit Suisse Singapore Branch, United Overseas Bank Limited, UBS AG, Singapore Branch, Citibank N.A. Singapore, Bank Julius Baer & Co. Ltd. Singapore Branch, LGT Bank, UOB Kay Hian Private Limited, Blue Ocean Invest Pte. Ltd. and Trident Trust Company.
The regulatory body said in a statement, “The present suite of actions marks the conclusion of MAS’ enforcement actions against financial institutions with material nexus to the major money laundering case.”
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