Singapore imposed S$27.5 million ($21.5 million) in penalties on nine financial firms, including a few of the world’s biggest banks, for lapses related to the city’s largest money laundering case.
Credit Suisse’s Singapore branch was slapped with the highest amount of S$5.8 million, the Monetary Authority of Singapore said Friday in a statement. The local units of UBS Group AG and Citigroup Inc. were also rapped for breaching anti-money laundering rules.
This is the biggest regulatory action taken by MAS since it shut down Swiss bank BSI SA’s local unit in 2016 and penalized banks for their failings related ...
