Singapore has sentenced a fine of nine financial companies, including UBS and Citigroup, 27.5 million dollars ($ 21.5 million) After an investigation into the largest money laundering scandal in the country, which involved the seizure of assets ranging from luxury real estate to cryptocurrency.
Singapore monetary authority (Mas) announced that the local Credit Switzerland unit, which is now part of UBS, has been faced with the largest penalty of $ 5.8 million for gaps in money laundering (AML) Checks, Bloomberg reported. Citigroup’s Singapore activities were also fined for compliance keys.
The application in a two -year survey on an extent of $ 3 billion ($ 2.2 billion) case revealed in 2023.
Ten people of Chinese origin, nicknamed the Fujian gang, were convicted, while two former bankers were charged last year for their involvement.
The authorities have seized species, property, high-end goods and cryptocurrencies related to the case. The companies involved take repair measures and the regulator plans to follow the progress closely.
