Singapore’s Monetary Authority (MAS) has finalized its enforcement actions related to one of the most extensive money laundering scandals in the city-state’s history, handing out a combined SG$27.45 million (US$21.5 million) in fines to nine financial institutions. The announcement, made on July 4, comes after a multi-year investigation into financial failings linked to a SG$3 billion laundering operation involving foreign nationals tied to online gambling and international scams.

Penalties issued in Singapore’s largest-ever money laundering case:

Among the institutions penalized were six major banks: Credit Suisse’s Singapore branch (SG$5.8 million), United Overseas Bank (SG$5.6 million), UBS Singapore (SG$3 million), Citi (SG$2.6 million), Bank Julius Baer (SG$2.4 million), and LGT Bank (SG$1 million). Three non-bank financial firms also received fines: UOB Kay Hian (SG$2.85 million), Blue Ocean Invest (SG$2.4 million), and Trident Trust Company Singapore (SG$1.8 million).

The MAS identified critical lapses in anti-money laundering (AML) compliance, including failures in customer due diligence, risk profiling, verification of source of wealth, and monitoring of suspicious activity. In many instances, institutions either missed or failed to act on red flags such as unusually large or inconsistent transactions, according to MAS findings from supervisory reviews conducted between early 2023 and 2025.

“The [financial institutions] have embarked on remediation of the deficiencies and MAS will monitor their progress closely,” the authority stated, as reported by NIKKEI Asia. Investigators concluded that the breaches resulted from “poor or inconsistent implementation” of required AML controls.

MAS Deputy Managing Director Ho Hern Shin emphasized the gravity of the situation, noting that Singapore remains vulnerable to international money laundering due to its global financial hub. “The vigilance of our financial institutions and their employees is critical in mitigating such risks,” she said.

The 2023 case that triggered these actions involved a criminal network composed of ten individuals with ties to Fujian province in China. Authorities uncovered the laundering scheme through a series of coordinated raids in August 2023. Over SG$3 billion in illicit assets—ranging from luxury cars and watches to high-end real estate and wine—were seized. Funds were funneled into Singapore from illegal gambling operations and scams, including those tied to Philippine Offshore Gaming Operators (POGOs).

All ten individuals involved were convicted and received prison sentences of 13 to 17 months. Following their incarceration, they were deported and permanently barred from reentering Singapore.

Reprimands and bans target senior executives:

In addition to corporate penalties, the MAS took action against several individuals. Four senior figures from Blue Ocean Invest, including CEO Tsao Chung-Yi and COO Wong Xuan Ling, were hit with prohibition orders (POs) ranging from three to six years. These executives were found to have failed in upholding basic AML protocols, particularly when handling accounts linked to high-risk POGO-related clients.

At Trident Trust and UOB, several senior personnel also faced reprimands for inadequate conduct. While these warnings do not permanently disqualify them from future roles, MAS clarified that their prior behavior failed to meet regulatory expectations. Nine other relationship managers and supervisors received private reprimands.

Credit Suisse’s penalty also incorporated separate failings in how the bank managed U.S. customer accounts between 2017 and 2023, though MAS did not disclose further details on this matter.

While institutions such as UOB and UBS stated their cooperation with the regulator and noted they have implemented corrective actions, other penalized firms, including Citibank, LGT Bank, Julius Baer, and UOB Kay Hian, did not issue immediate comments. Blue Ocean Invest and Trident Trust confirmed their compliance with MAS orders.

MAS has also updated its supervisory expectations and called on institutions to benchmark AML procedures against global best practices. The regulator signaled the possibility of further disciplinary measures, depending on the outcomes of remaining court proceedings.

“MAS will work closely with financial institutions to promote more consistent implementation of AML/CFT measures. Where there are serious failings by financial institutions and their employees, MAS will not hesitate to take firm action,” said Ho.