SINGAPORE — Singapore’s financial regulator on Friday slapped penalties totaling 27.45 million Singapore dollars ($21.5 million) on major banks for shortcomings in preventing a SG$3 billion money laundering case.
The sanctioned banks are Credit Suisse’s Singapore branch, which was hit with a SG$5.8 million penalty; local lender United Overseas Bank, with a SG$5.6 million penalty; UBS AG Singapore Branch with a SG$3 million penalty; Citi with a SG$2.6 million penalty; Bank Julius Baer’s Singapore branch, with a SG$2.4 million penalty; and LGT Bank Singapore, with a SG$1 million penalty.
