Singapore probing banks’ involvement in $1.75b money laundering scandal: report

MAS says it's "too early to tell" if FIs involved adhered to ML requirements or not.

Singapore’s central bank said that it is looking into whether banks involved in a S$2.4b ($1.75b) money laundering scandal in the city have taken “all reasonable steps” to mitigate risks, reports Reuters, based on a statement it obtained via email.

The Monetary Authority of Singapore (MAS) will take action if findings reveal shortcomings in the banks' controls, a spokesperson said.

Singapore police last month arrested and charged 10 foreigners in one of the biggest anti-money laundering swoops.

The MAS said it was too early to tell if all the financial institutions involved in the scandal have adhered to its requirements against money laundering and countering the financing of terrorism. 

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"Supervisory engagements with these (financial institutions) are ongoing to assess whether they had taken all reasonable steps to mitigate against money laundering/terrorism financing risks," the MAS spokesperson said.

"We will take action where the FIs' controls have fallen short, as we have done in past cases."

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