The Monetary Authority of Singapore (MAS) is planning to conduct an on-site inspection of a local unit of Credit Suisse to assess its handling of the monitoring of wealthy clients. This move comes in the wake of at least one Credit Suisse customer being charged with money laundering.
It has been revealed that Suspicious Transaction Reports (STRs) from Singapore’s banks were the first to raise concerns about the scandal. The case initially surfaced in 2021 when banks and companies filed STRs, according to communications minister Josephine Teo. The MAS has confirmed that these STRs were the initial alerts that drew attention to suspicious activities within the country’s financial system.
Officials from Singapore’s financial regulator will scrutinize documents and interview personnel from Credit Suisse and other banks in the coming weeks. Both the MAS and Credit Suisse have not immediately responded to requests for comment.
In August, Singapore police arrested 10 foreigners as part of an investigation into one of the largest suspected money laundering cases in the region, involving seized assets worth S$2.8 billion ($2 billion).
The on-site inspection by the MAS is an unusual step and suggests potential concerns about the exposure of banks to the suspects and their overall handling of client vetting.
One of the suspects, Vang Shuiming, held approximately S$92 million at Credit Suisse, making it the largest known account linked to the case. Vang also had accounts with other banks, including Bank Julius Baer (S$33 million), United Overseas Bank Ltd., and RHB Bank Bhd.’s local unit. Vang faces additional charges, including forgery of a bank document to deceive Citibank Singapore Ltd.
This inspection highlights the severity of the scandal, which has ensnared numerous domestic and international banks in Singapore. Over $2 billion in assets, ranging from cash to jewelry, have been seized from individuals with alleged Chinese origins suspected of money laundering.
Investigators are looking into potential links between the accused and single-family offices, and they intend to strengthen regulations where necessary. Minister of State Alvin Tan stated that the regulator is conducting supervisory reviews and inspections of banks with significant connections to the case. Tan also expressed concern that the vast majority of seized assets were financial in nature.
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