- Topics
- Regions
- Events
- Webcasts
- Resources
- CW Exclusives
- Membership
“For tracking litigation, enforcement, and regulatory developments, Compliance Week
should be your prime source.”- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Report: Credit Suisse facing probe in Singapore money laundering scandal
By 
Aaron Nicodemus2023-10-20T16:28:00
A Singapore financial regulator will reportedly conduct an on-site inspection of a local Credit Suisse unit in connection with a 2.8 billion Singapore dollar (U.S. $2 billion) money laundering scandal.
The Monetary Authority of Singapore will carry out the inspection to determine if the bank properly monitored its wealthy clients, one of whom was charged with money laundering, according to a report from Bloomberg News. Other financial institutions linked to the August arrests of 10 foreigners in Singapore accused of laundering billions in illicit proceeds will also be subject to inspections, Bloomberg reported.
The accused hail from countries including China, Cambodia, Cyprus, and Vanuatu. One of the suspects, Vang Shuiming, held SGD$92 million (U.S. $67 million) at Credit Suisse, the biggest known account so far in the case, Bloomberg reported.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefMAS fines Credit Suisse $3M for failing to monitor Singapore managers
The Monetary Authority of Singapore imposed a 3.9 million Singapore dollars (U.S. $3 million) penalty on Credit Suisse for failing to detect misconduct by relationship managers at its Singapore branch.
-
News BriefCredit Suisse units to pay $10M in SEC mutual fund services case
Three entities of Swiss bank Credit Suisse agreed to pay more than $10 million combined as part of a settlement with the Securities and Exchange Commission for allegedly providing prohibited underwriting and advising services to mutual funds.
-
News BriefSingapore banks say money laundering risks up after $2B scandal
Risks posed by money laundering and the financing of terrorism have dramatically increased in Singapore, according to a recent survey of the city-state’s financial institutions conducted by the Monetary Authority of Singapore.
More from Risk Management
-
News BriefPortuguese bank ousts chief risk officer after ‘suspicious’ transactions uncovered
Portuguese bank Novo Banco, S.A., fired Chief Risk Officer Carlos Jorge Ferreira Brandão “with just cause” after an internal probe discovered “suspicious financial transactions” in his sphere.
-
News BriefTop 5 risks for 2025: U.S. uncertainty, global trade war, digital attacks
A prominent risk management firm has issued its predictions for the top five risks for business in 2025, along with guidance for how organizations should prepare and respond.
-
PremiumWorries DOJ is ‘dumping’ AI responsibilities on compliance departments in ECCP update
When the DOJ released its revised Evaluation of Corporate Compliance Programs, it turned some heads. Tucked into a section on risk assessments was a strongly worded series of questions that appeared to shoulder compliance teams with the responsibility for ensuring the safe use of AI tools by their firms.