July 4, 2025|
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|5 months agoSingapore Fines Swiss Banks CHF7.6M for Anti-Money Laundering Breaches
UBS, Credit Suisse, and Julius Bär face penalties from Singapore's financial regulator for violating anti-money laundering rules, highlighting increased scrutiny of Swiss banking practices abroad.
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Generated IllustrationKey Takeaways
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- Singapore's MAS fined nine banks for anti-money laundering violations
- Four Swiss/Liechtenstein banks were fined a total of SGD 12.2 million
- Credit Suisse received the highest fine of SGD 5.8 million
By The Numbers
SGD 27.45 million
Total fines for all nine banks
CHF 7.6 million
Total fines for Swiss/Liechtenstein banks
4
Number of Swiss/Liechtenstein banks fined
They Said
"The fine takes into account various factors, including the number of violations and the degree of weakness of controls"