MAS imposes S$27.45M in penalties on 9 FIs for breaches linked to a major 2023 ML case involving over S$3Bn in illicit assets – marking its 2nd-largest AML/CFT enforcement action after the 1MDB case

MAS penalised 6 banks—Credit Suisse (S$5.8 million), UOB, UBS, UOB Kay Hian, Citibank, and LGT Bank—along with asset and trust firms Julius Baer, Blue Ocean Invest, and Trident Trust. Investigations began in early 2023 and concluded in early 2025, uncovering weaknesses in customer risk assessments, source‑of‑wealth checks…