Singapore MAS Fines 9 Financial Institutions $21.5 Million & Issued Enforcement Actions (Bans & Reprimands) Against 18 Individuals for Money Laundering Failures, 9 Financial Institutions Fined are Credit Suisse S$5.8 Million, UOB S$5.6 Million, UBS S$3 Million, UOB Kay Hian S$2.85 Million, Citibank S$2.6 Million, Julius Baer S$2.4 Million, Blue Ocean Invest S$2.4 Million, Trident Trust S$1.8 Million, LGT S$1 Million, 4 Individuals from Blue Ocean Invest Issued Industry Regulatory Bans (Prohibition Orders) are CEO Tsao Chung-Yi for 6 Years, COO Wong Xuan Ling for 5 Years, Relationship Manager Hsia Lun Wei @Henry Hsia for 3 Years & ex-Relationship Manager Deng Xixi for 3 Years, 3 Individuals from Trident Trust Reprimanded are Managing Director Sean Andrew Coughlan, Head of Compliance Tan Ho Kiat & Head of Trust Administration Kek Yen Leng, 2 Individuals from UOB Reprimanded are ex-Team Head of Group Retail Privilege Banking Ang Sze Hee Alvin & ex-Team Head of Group Retail Privilege Banking Tan Sheng Rong Leonard, 9 Other Relationship Managers & Supervisors were Privately Reprimanded
4th July | Hong Kong
The Monetary Authority of Singapore (MAS) has fined 9 financial institutions $21.5 million (S$27.45 million) and issued enforcement actions (Bans & Reprimands) against 18 individuals for money laundering failures. The 9 financial institutions fined are Credit Suisse S$5.8 million, UOB S$5.6 million, UBS S$3 million, UOB Kay Hian S$2.85 million, Citibank S$2.6 million, Julius Baer S$2.4 million, Blue Ocean Invest S$2.4 million, Trident Trust S$1.8 million, LGT S$1 million. 4 individuals from Blue Ocean Invest issued industry regulatory bans (Prohibition Orders) are CEO Tsao Chung-Yi for 6 years, COO Wong Xuan Ling for 5 years, Relationship Manager Hsia Lun Wei @Henry Hsia for 3 years & ex-Relationship Manager Deng Xixi for 3 years. 3 individuals from Trident Trust reprimanded are Managing Director Sean Andrew Coughlan, Head of Compliance Tan Ho Kiat & Head of Trust Administration Kek Yen Leng. 2 individuals from UOB reprimanded are ex-Team Head of Group Retail Privilege Banking Ang Sze Hee Alvin & ex-Team Head of Group Retail Privilege Banking Tan Sheng Rong Leonard. 9 other Relationship Managers & Supervisors were privately reprimanded. Singapore MAS (4/7/25): “The Monetary Authority of Singapore (MAS) announced today its regulatory actions against nine financial institutions (FIs) and a number of individuals for anti-money laundering related breaches. MAS has completed its supervisory examinations against pertinent FIs with nexus to persons of interest (POIs) in the major money laundering (ML) case of August 2023, and their employees who fell short of MAS’ Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements. The present suite of actions marks the conclusion of MAS’ enforcement actions against FIs with material nexus to the major ML case.” See below for more info:
“ Singapore MAS Fines 9 Financial Institutions $21.5 Million & Issued Enforcement Actions (Bans & Reprimands) Against 18 Individuals for Money Laundering Failures, 9 Financial Institutions Fined are Credit Suisse S$5.8 Million, UOB S$5.6 Million, UBS S$3 Million, UOB Kay Hian S$2.85 Million, Citibank S$2.6 Million, Julius Baer S$2.4 Million, Blue Ocean Invest S$2.4 Million, Trident Trust S$1.8 Million, LGT S$1 Million, 4 Individuals from Blue Ocean Invest Issued Industry Regulatory Bans (Prohibition Orders) are CEO Tsao Chung-Yi for 6 Years, COO Wong Xuan Ling for 5 Years, Relationship Manager Hsia Lun Wei @Henry Hsia for 3 Years & ex-Relationship Manager Deng Xixi for 3 Years, 3 Individuals from Trident Trust Reprimanded are Managing Director Sean Andrew Coughlan, Head of Compliance Tan Ho Kiat & Head of Trust Administration Kek Yen Leng, 2 Individuals from UOB Reprimanded are ex-Team Head of Group Retail Privilege Banking Ang Sze Hee Alvin & ex-Team Head of Group Retail Privilege Banking Tan Sheng Rong Leonard, 9 Other Relationship Managers & Supervisors were Privately Reprimanded “
Singapore MAS Fines 9 Financial Institutions $21.5 Million & Issued Enforcement Actions (Bans & Reprimands) Against 18 Individuals for Money Laundering Failures, 9 Financial Institutions Fined are Credit Suisse S$5.8 Million, UOB S$5.6 Million, UBS S$3 Million, UOB Kay Hian S$2.85 Million, Citibank S$2.6 Million, Julius Baer S$2.4 Million, Blue Ocean Invest S$2.4 Million, Trident Trust S$1.8 Million, LGT S$1 Million, 4 Individuals from Blue Ocean Invest Issued Industry Regulatory Bans (Prohibition Orders) are CEO Tsao Chung-Yi for 6 Years, COO Wong Xuan Ling for 5 Years, Relationship Manager Hsia Lun Wei @Henry Hsia for 3 Years & ex-Relationship Manager Deng Xixi for 3 Years, 3 Individuals from Trident Trust Reprimanded are Managing Director Sean Andrew Coughlan, Head of Compliance Tan Ho Kiat & Head of Trust Administration Kek Yen Leng, 2 Individuals from UOB Reprimanded are ex-Team Head of Group Retail Privilege Banking Ang Sze Hee Alvin & ex-Team Head of Group Retail Privilege Banking Tan Sheng Rong Leonard, 9 Other Relationship Managers & Supervisors were Privately Reprimanded
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