The Monetary Authority of Singapore (MAS) is poised to scrutinize Credit Suisse (SIX:CSGN) Group AG, now under the umbrella of UBS Group AG (SIX:UBSG), along with other implicated banks in a sweeping money laundering investigation. The inspection, announced on Wednesday, is part of a larger probe that has already seized over $2 billion from suspected Chinese-origin launderers.
The focal point of the investigation is Vang Shuiming, who reportedly held significant sums in these banks. Authorities are examining potential links between the accused and single family offices. The MAS will inspect client monitoring procedures, potential exposure to suspects, and the filing of suspicious transaction reports within these banks.
Minister of State Alvin Tan expressed concern over the seized financial assets. Meanwhile, Communications Minister Josephine Teo revealed that investigations commenced in 2021 following suspicious transaction reports.
This is not the first time Credit Suisse has been under the microscope of MAS. The bank was previously inspected in 2017 concerning the 1MDB saga.
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