Singapore is investigating money laundering allegations. (Photo:swissinfo.ch) Geneva (VNA) – Singapore’s financial regulator will conduct an on-site inspection of Credit Suisse Group AG after at least one of its customers was charged for money laundering in a scandal that has rocked the city-state.
The Singapore branch of Credit Suisse will be among banks the Monetary Authority of Singapore (MAS) plans to examine to determine whether they properly handled the monitoring of wealthy clients, according to people familiar with the matter. Officials from the regulator are set to interview personnel and review documents within weeks.
The planned inspection underscores the seriousness of the scandal that has ensnared at least 10 domestic and international banks in Singapore. More than 2.8 billion SGD (2 billion USD) of assets from cash to jewelry have been seized from a group of alleged money launderers.
The MAS’s upcoming visit would be outside its regular engagements with banks, and signals potential issues with the lenders’ sizable exposure to the suspects and overall handling of client vetting, the people said.
Credit Suisse is among the banks that have relationships with either the accused, or their companies. One of the suspects, Vang Shuiming, held 92 million SGD at the Swiss lender, the biggest known account so far in the case./.
