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18-10-2023, 04:23 PM
Wed, 18 October 2023 at 1:09 pm SGT
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The planned inspection underscores the seriousness of the scandal that has ensnared at least 10 domestic and international banks in the Asian financial hub. More than S$2.8 billion (US$2 billion) of assets from cash to jewelry have been seized from a group of alleged money launderers with Chinese origin.
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One of the suspects, Vang Shuiming, held S$92 million at the Swiss lender, the biggest known account so far in the case.
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Vang also had bank accounts with others including Bank Julius Baer where he had S$33 million as well as United Overseas Bank Ltd. and RHB Bank Bhd.’s local unit
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MAS did a similar inspection on Credit Suisse in 2017 for its role in the 1MDB saga, Malaysia’s biggest corruption case, and consequently the bank was fined S$700,000. The amount was the smallest penalty the regulator imposed on banks in Singapore at the time.
https://sg.finance.yahoo.com/news/singap...18257.html
......
The planned inspection underscores the seriousness of the scandal that has ensnared at least 10 domestic and international banks in the Asian financial hub. More than S$2.8 billion (US$2 billion) of assets from cash to jewelry have been seized from a group of alleged money launderers with Chinese origin.
......
One of the suspects, Vang Shuiming, held S$92 million at the Swiss lender, the biggest known account so far in the case.
......
Vang also had bank accounts with others including Bank Julius Baer where he had S$33 million as well as United Overseas Bank Ltd. and RHB Bank Bhd.’s local unit
......
MAS did a similar inspection on Credit Suisse in 2017 for its role in the 1MDB saga, Malaysia’s biggest corruption case, and consequently the bank was fined S$700,000. The amount was the smallest penalty the regulator imposed on banks in Singapore at the time.
https://sg.finance.yahoo.com/news/singap...18257.html
