Singapore penalizes nine financial institutions for AML violations with penalties totaling S$27.45m

The Monetary Authority of Singapore (MAS) has taken regulatory action against nine financial institutions (FIs) and individuals for anti-money laundering (AML) breaches arising from a 2023 case. Penalties totaling S$27.45m were imposed on FIs like Credit Suisse, UOB, and UBS based on AML/CFT violations. MAS noted deficiencies in customer risk assessments and transaction monitoring processes, requiring remediation efforts.

The breaches, discovered during MAS supervisory examinations from 2023 to 2025, led to penalties for FIs like Citibank, Bank Julius Baer, and UOB Kay Hian. Concerns were raised about inadequate AML/CFT policy implementation and failure to investigate discrepancies in high-risk customer wealth sources. MAS emphasized the importance of addressing money laundering risks through consistent AML/CFT measures.

MAS also issued prohibition orders, affecting Blue Ocean Invest’s key personnel, for managing relationships with persons of interest (POIs). While most employees of the implicated FIs showed no significant lapses in conduct, further actions against individuals may follow pending court proceedings. MAS stressed the necessity for vigilance among financial institutions to mitigate money laundering risks effectively.

Read more at Yahoo Finance: Singapore penalises nine financial institutions for AML breaches