Singapore Fines Multiple Financial Institutions Over AML Shortcomings

The Monetary Authority of Singapore has charged nine organizations connected to the USD 2.2 billion money laundering case. 

In 2023, Singapore faced AML breaches, but the country remained persistent in enhancing the integrity and security of its financial systems. On July 4, 2025, the government imposed penalties totaling SGD 27.45 million on the involved parties. Singapore branches of Credit Suisse, UBS, Citibank, and Julius Baer & Co. are now liable to pay SGD 13.8 million to the Monetary Authority of Singapore (MAS) due to non-compliance. 

Apart from these, the LGT Bank branch in Singapore and United Overseas Bank also got a fine of $100,000. UOB Kay Hian Private Limited (UOBK), a capital market services licence holder, Blue Ocean Invest, and Trident Trust Company also got a fine of $100,000. 

During the early investigation of the case in 2023 and 2025, MAS found that the fined organizations had strong AML/CFT protocols but lacked effective implementation.

MAS has also taken action against the 18 individuals involved in the illicit activity through illegal gambling and scams. This includes a prohibition order spanning from three to six years and reprimands.

MAS deputy managing director for financial supervision Ho Hern Shin said: “Like other major international financial centres, Singapore is exposed to money laundering risks. The vigilance of our financial institutions and their employees is critical in mitigating such risks. MAS will work closely with financial institutions to promote more consistent implementation of AML/CFT measures. Where there are serious failings by FIs and their employees, MAS will not hesitate to take firm action.”

Also Read: Singapore Toughens Corporate Laws Following $3 Billion Money Laundering Scandal