Jakarta, CNBC Indonesia – Singapore’s Monetary Authority (MAS) sentenced six banks and three other financial institutions with a total of US $ 21.5 million which were also related to the largest money laundering case that had occurred in the country in 2023.
Reported by CNBC International, this case involved more than US $ 2.2 billion in illegal assets seized after 10 foreigners were arrested in a series of simultaneous raids in August 2023.
The banks involved such as Credit Suisse, UOB, UBS, Citibank, Julius Baer, and Bank LGT. Each bank is subject to sanctions of 1-5.8 million Singapore dollars.
UOB Kay Hian brokerage company, Blue Ocean Investment Asset Management company and Singapore Trident Trust Company Trident Company and Funding Services company, each sentenced to 2.85-2.4 million Singapore dollars.
The sentence marks the conclusion of the actions of law enforcement against financial institutions.
10 people who were sentenced to money laundering were sentenced to prison between 13 and 17 months in the biggest case of their kind in the country. They were deported and prohibited from re -entering into Singapore after completing their sentences.
They save money obtained from foreign fraud and online gambling operations in a bank account in Singapore, and turn some of their money into real estate, cars, handbags, and jewelry.
Mas said that he had identified deficiencies in the customer risk assessment of financial institutions, tracking the source of customer wealth and their ability to monitor and follow up on suspicious transactions.
“Financial institutions have started improving shortcomings and MAS will monitor their progress carefully,” he said.
That way, four people were also issued a prohibition order that prevented them from doing the activities arranged by Mas.
(Haa/Haa)
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