UBS, Citigroup, and 7 other institutions fined $21.50 million in Singapore for involvement in $2.20 billion money laundering case

According to CoinDesk, the Monetary Authority of Singapore (MAS) has concluded a two-year investigation, fining nine financial institutions, including Credit Suisse (now part of UBS) and Citibank, a total of $21.50 million for anti-money laundering control deficiencies. The case involves a criminal gang from Fujian, with $2.20 billion involved, and assets seized include Cryptocurrency, cash, and luxury homes. Ten people involved have been convicted, and two former bank employees have been prosecuted. The financial institutions involved are taking rectification measures, and regulators will continue to monitor the progress of the rectification. [ChainCatcher]