Singapore US$1.3 billion money laundering probe: MAS says banks must examine any links to 10 suspects, 24 others
The Monetary Authority of Singapore’s order comes after authorities filed charges last month against 10 people in a major money-laundering crackdownThe central bank has asked financial firms to take steps such as filing a suspicious-transaction report if requiredSingaporeBloombergPublished: 11:51am, 8 Sep, 2023Why you can trust SCMP
These people “could be involved in illicit activities,” the executive director of MAS’ anti-money-laundering department said in the note. “As a matter of policy, MAS does not comment on our dealings with financial institutions,” MAS said in response to media queries.
The regulator’s action underscores the efforts needed to plug the gaps exposed by the August 15 crackdown, where assets including gold, luxury cars, cash and cryptocurrency have been seized. About 10 banks including DBS Group Holdings Ltd., the country’s largest lender, as well as the local units of Citigroup Inc. and Credit Suisse have so far been drawn into the scandal as the investigation continues.