(Financial) services Swiss banks receive fines in Singapore money laundering case
Several Swiss banks have to pay fines in the millions in Singapore. Singapore's Financial Market Authority (MAS) has fined a total of nine financial institutions in the city state's biggest money laundering case.
04.07.2025, 13:55
SDA
These include Credit Suisse, UBS, Julius Baer and Liechtenstein-based LGT Bank.
The highest fine of all nine institutions goes to Credit Suisse, which has since been taken over by UBS, according to a statement issued by the Monetary Authority of Singapore (MAS) on Friday: it has been fined 5.8 million Singapore dollars (3.6 million Swiss francs). UBS will be fined SGD 3 million (CHF 1.9 million).
A fine of SGD 2.4 million (CHF 1.5 million) will also be imposed on the Zurich-based wealth management bank Julius Baer, while LGT Bank will have to pay a fine of SGD 1 million (CHF 623,000). Citibank, Singapore's United Overseas Bank and the institutions UOB Kay Han, Blue Ocean Invest and Trident Trust will receive further fines of between SGD 1.8 million and SGD 5.6 million.
Money laundering worth billions
The fines are in connection with a case of money laundering worth around SGD 3 billion that was uncovered in 2023. At the time, the Singapore authorities came across a network through which criminally acquired money was brought from abroad to Singapore and invested. They confiscated numerous properties, vehicles, luxury items as well as money and cryptocurrencies worth billions.
Among other things, the Swiss banking institutions are accused of ignoring or not following up on warning signals that indicated money laundering activities. CS and Julius Baer also lacked adequate processes for assessing money laundering risks. The fine for CS also took into account previous money laundering violations in the period from 2017 to 2023, writes the MAS.
