Singapore imposes a total fine of $21.5 million on nine financial institutions, including UBS, for seizing assets related to cryptocurrency

According to Golden Finance, the Monetary Authority of Singapore (MAS) recently announced fines totaling SGD 27.5 million (approximately USD 21.5 million) imposed on nine financial institutions, including UBS America and Citigroup, marking the end of the largest money laundering investigation in the country's history. According to Bloomberg, Credit Suisse Singapore Branch, which has now been merged into UBS, is facing a maximum fine of SGD 5.8 million for anti money laundering (AML) control loopholes. Citigroup's Singapore business was also fined for compliance errors. This investigation, which began in 2023 and lasted for two years, involved money laundering activities totaling up to $2.2 billion. In the investigation, ten Chinese nationals known as the "Fujian Gang" have been convicted, and two former bankers were also charged last year for their involvement. The law enforcement department seized a large amount of assets in this case, including cash, luxury real estate, high-end goods, and cryptocurrency. The Monetary Authority of Singapore has stated that the financial institution involved is taking remedial measures, and regulatory authorities will closely monitor the progress of the rectification.