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The central bank of Singapore has instructed all financial institutions to review any relationships with individuals who are connected to money laundering scandals involving over S$ 1.8 billion (US$ 1.3 billion) of assets. The investigations into money laundering led to crypto coming in crosshairs of the MAS and other parties involved in it.
What’s In The Note?
The Monetary Authority of Singapore (MAS) has sent a message to the compliance leaders of all financial companies within the city-state, reported Bloomberg. In its note, MAS has asked the firms to closely inspect any questionable or out-of-the-ordinary financial transactions conducted by individuals from 2020 start.
In addition, the directive obliges banks to carefully review their dealings with 34 individuals, which includes the 10 suspects who were apprehended last month.
The director of the MAS anti-money laundering department said that the individuals may have connections or can be involved in unlawful activities.
The actions taken by the regulator highlight the necessity of addressing the vulnerabilities seen during the August 15 crackdown, when assets like gold, luxury cars, cash, and cryptocurrencies, among others, were confiscated.
Meanwhile, as the investigation progresses, around 10 banks including the largest lender in the country, DBS Group Holdings, along with local branches of Citigroup, Credit Suisse, and others, have become entangled in the scandal.
The note also showed that the MAS, while going through the transactions, has directed all the financial companies to take necessary actions like filing suspicious transaction reports.
Also Read: Crypto Exchange Thodex CEO Sentenced To 11,196 Years In Prison
History of Suspects’ Involvement
Some among the group of 10 suspects have a history of involvement in Singapore dating back to before 2020, the local business filings showed. For instance, a filing to the Accounting and Corporate Regulatory Authority showed that Chen Qingyuan, who holds a passport from Cambodia, took on roles as a director and shareholder in a technology company in 2019. It’s worth noting that Chen has been wanted by authorities in China’s Anxi County since early 2019.
Similarly, another suspect named Vang Shuiming had more than S$ 125 million seized from various bank accounts, including those at Credit Suisse’s local branch and Bank Julius Baer. Notably, Vang Shuiming was appointed as a shareholder in another firm in 2019.
Meanwhile, all ten individuals facing accusations are currently in custody and have not yet entered any pleas. The Monetary Authority of Singapore (MAS) disclosed last month that the police had been alerted to illicit activities thanks to intelligence and information gathered from suspicious transaction reports submitted by financial institutions. According to MAS, some of the red flags noted by these firms involved suspicious movements of funds and questionable declarations of the sources of wealth.
Also Read: XRP Community Backs LBRY As It Decides To Appeal Against US SEC
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