According to CoinDesk, the Monetary Authority of Singapore (MAS) has concluded its two-year investigation into a case involving up to 3 billion Singapore dollars (2.2 billion USD) that was revealed in 2023. Ten Chinese members were convicted, and two former bankers were charged last year for participating in the gang's activities. Authorities seized cash, property, high-end goods, and Cryptocurrency related to the case. Furthermore, MAS fined nine financial institutions, including UBS and Citibank, a total of 27.50 million Singapore dollars (approximately 21.50 million USD). The former Credit Suisse Singapore branch of UBS was fined 5.80 million Singapore dollars for anti-money laundering control loopholes, making it the institution with the highest fine. [Foresight News]

Singapore fines several banks a total of $21.50 million over $2.2 billion money laundering scandal