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HomeSoutheast AsiaUS$1.3 billion laundering case: Singapore asks banks to probe any suspect links

US$1.3 billion laundering case: Singapore asks banks to probe any suspect links

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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

Singapore’s central bank has directed financial institutions to review any relationships with individuals tied to a money laundering scandal involving over S$1.8 billion (US$1.3 billion) of assets.The Monetary Authority of Singapore sent a note to the compliance heads of all financial firms in the city state to examine any suspicious or unusual transactions by the people from the beginning of 2020, according to a copy of the August 30 instruction. Banks must scrutinise dealings with 34 individuals including the 10 suspects who were arrested last month.

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.

Singapore files charges against 10 with ‘Chinese passports’ in money-laundering bust

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.

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