UBS, Citigroup and 7 other institutions fined $21.5 million by Singapore for involvement in a $2.2 billion money laundering case

ChainCatcher news, according to CoinDesk, the Monetary Authority of Singapore (MAS) has concluded a two-year investigation, imposing a total fine of $21.5 million on nine financial institutions, including Credit Suisse (now part of UBS) and Citibank, primarily due to deficiencies in anti-money laundering controls. The case involves a criminal gang from Fujian, with an amount involved reaching $2.2 billion, and seized assets including cryptocurrencies, cash, and luxury homes.

Ten individuals involved have been convicted, and two former bank employees have been prosecuted. The relevant financial institutions are taking corrective measures, and the regulatory authorities will continue to monitor the progress of these corrections.