The Business Times

Money laundering

Banking & Finance

UBS tightens scrutiny of client funds mainly in Singapore and Hong Kong amid regulatory pressure: sources

Motorists in Phnom Penh ride past a branch of Prince Bank, a commercial bank under Prince Holding Group. US authorities describe the conglomerate as one of Asia's largest transnational criminal organisations.
ASEAN Business

US sanctions three Singaporeans in global fraud takedown tied to Cambodian scam empire

Establishing a client’s source of wealth is a key control in managing money laundering and terrorism financing risks.
Companies & Markets

Bank of Singapore’s new AI tool does in one hour what used to take 10 days

Seventeen units at Canninghill Piers in Clarke Quay owned by Wu Shuiying and Wang Ruiyan were sold since August 2024 for a total of S$81.8 million.
Property

Some 22 luxury condos linked to S$3 billion money laundering case resold for S$116 million since August 2024 

MAS uses various actions, such as composition penalties, reprimands, and prohibition orders, to deter misconduct and maintain Singapore's financial integrity.
Singapore

The MAS naughty list: Who has been hit by more than S$28.5 million in penalties?

Switzerland has tried to shed its image as a safe haven for illicit funds and has recently taken steps to improve transparency.
International

Switzerland is considering joining ‘dirty money’ task force, UK official says

The assets are among items seized in an anti-money laundering operation that saw 10 foreigners arrested in multiple raids on Aug 15, 2023, and 17 other suspects who fled Singapore amid the probe.
Singapore

Patek Philippe watches, Hermes bags, gold bars from S$3 billion money laundering bust to be liquidated by Deloitte

MAS has issued penalties totalling S$27.5 million to nine financial institutions for AML-related breaches.
Companies & Markets
HOCK LOCK SIEW

Heavier anti-money laundering penalties could help Singapore maintain high standards as wealth hub

These comprised friend impersonation scams, investment scams, job scams, e-commerce scams, government official impersonation scams and rental scams, the SPF said.
Singapore

Two-week long police op uncovers 639 scam suspects, S$17.7 million in losses

24 law firms are being investigated for their involvement in the conveyancing of real estate properties seized in Singapore's biggest money laundering case.
Property

24 law firms probed for conveyancing of properties seized from money launderers, two to pay penalties

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