UBS and Citi have been imposed among nine banks a fine of $ 21.5 million in the event of money laundering in Singapore

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Singapore struck banks and wealth managers including UBS, Citi and Julius Baer with the second largest collective penalty ever in the case of money laundering that led to the reputation of the clean country and receiving the wealth management sector.

Nine financial institutions have received a collective penalty of 27.45 million Singapore dollars (21.5 million US dollars), the largest number since the sanctions in the 1MDB case, about the so -called Singapore organizer “poor and inconsistent implementation” of controls in A. $ 2 billion money laundering scandal.

The case, which was associated with online gambling in Asia, led to the condemnation of 10 Chinese citizens and the island’s assets, including golden bars and luxury cars.

It casts a shadow on SingaporeAmbassadors to be a major center for wealth management and emphasized the challenge of opening up to foreign wealth while applying strict rules to combat money laundering.

“Like other major international financial centers, Singapore is exposed to the risk of money laundering,” said Herne Shen, Deputy Manager of Financial Supervision in the Monetary Authority in Singapore.

“MAS will work closely with financial institutions to enhance the most consistent implementation of measures (anti -money laundering). There are serious failures by Fis and its employees, MAS will not hesitate to take the company’s actions.”

In its report, the organizer said it found “palaces” in how financial institutions assessed the risk of money laundering for new customers, how they completed the source of customer wealth and how they deal with the transactions that were distinguished as “suspicious” by their own systems.

Credit Suisse, who has been obtained since UBS, has received the largest penalty, at $ 5.8 million Singapore. UBS was hit with $ 3 million Singapore and Citi with $ 2.6 million Singapore.

The organizer also named UNITES BANK executives and smaller institutions, including failure to create the source of their customers ’wealth.

UNITED OFFEAAS said that “D) and the acceptance of (ED) MAS” regarding the specific fields of improvement.

“Over the past two years, we have implemented quick therapeutic procedures to address the deficiencies that have been identified after a comprehensive internal review, including an escalation to monitor our transactions and the customer’s due care operations,” she said.

Blue Ocean Invest, Asset Manager, said she “recognizes the results” and “implementing measures to enhance internal policies and procedures.”

“We fully collaborated with MAS throughout the inspection period, and a detailed treatment plan has been implemented to address violations,” said a spokesman for Tradement Trust.

LGT, Julius Bayer UBS said they also recognized the results of the organizational body and fully cooperated with the authorities during the investigation.

A spokesman for the Citi Singapore said that the bank “has strengthened our customers on operations and monitoring and continues to work closely with the authorities to protect the safety of the financial system and enhance the risk of financial crime and control measures.”

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