Nine financial firms, including major banks Credit Suisse and Citigroup, have been penalised S$27.5 million by Singapore over money laundering breaches. The Monetary Authority of Singapore announced the penalties on Friday, citing lapses related to the city’s largest money laundering case.
Credit Suisse’s local branch was fined S$5.8 million, while UBS Group AG and Citigroup Inc.’s Singapore units were also penalised for breaching anti-money laundering rules.
Source: https://www.bloomberg.com/news/articles/2025-07-04/ubs-citi-among-banks-punished-in-singapore-laundering-scandal