The Monetary Authority of Singapore (MAS) has taken regulatory actions against nine financial institutions (FIs) and several individuals for breaches related to anti-money laundering (AML) and countering the financing of terrorism (CFT). These actions conclude MAS’s investigations into institutions linked to a major money laundering case from August 2023.
MAS has levied composition penalties totalling $20.1 million (S$27.45 million) on the FIs for failing to comply with AML/CFT requirements. The penalties were determined based on the institutions’ exposure to persons of interest, the number of breaches, and the weaknesses in their AML/CFT controls. Notable penalties include $4.25 million (S$5.8 million) for Credit Suisse Singapore Branch and $4.1 million (S$5.6 million) for United Overseas Bank Limited.
The breaches were identified during supervisory examinations conducted from early 2023 to early 2025. MAS found that whilst most FIs had established AML/CFT policies, the lapses were due to poor implementation. The institutions are now working on rectifying these deficiencies, with MAS closely monitoring their progress.
MAS highlighted specific shortcomings, including inadequate customer risk assessments, failure to establish and corroborate customers’ sources of wealth, insufficient transaction monitoring, and inadequate follow-up on suspicious transaction reports.
In addition to financial penalties, MAS has issued prohibition orders ranging from three to six years against individuals involved in managing relationships with persons of interest. These include Tsao Chung-Yi, CEO of Blue Ocean Invest Pte. Ltd., and Wong Xuan Ling, COO of the same firm.
MAS has also reprimanded several individuals for multiple lapses, emphasising the need for FIs to adopt best practices and remain vigilant against money laundering and terrorism financing risks. The authority has published supervisory expectations and encourages FIs to benchmark against these standards to strengthen their defences.
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