Singapore Fines Swiss Banks CHF7.6M for Anti-Money Laundering Breaches

UBS, Credit Suisse, and Julius Bär face penalties from Singapore's financial regulator for violating anti-money laundering rules, highlighting increased scrutiny of Swiss banking practices abroad.

Key Takeaways

Singapore's MAS fined nine banks for anti-money laundering violations
Four Swiss/Liechtenstein banks were fined a total of SGD 12.2 million
Credit Suisse received the highest fine of SGD 5.8 million

By The Numbers

SGD 27.45 million

Total fines for all nine banks

CHF 7.6 million

Total fines for Swiss/Liechtenstein banks

Number of Swiss/Liechtenstein banks fined

They Said

"The fine takes into account various factors, including the number of violations and the degree of weakness of controls"
— Monetary Authority of Singapore

Singapore Imposes Major Fines on Swiss Banks

Breakdown of Penalties

Compliance Violations

Impact on Swiss Banking Sector

Regulatory Context

Sources & References

UBS, Credit Suisse, Julius Bär fined in Singapore

SWI swissinfo.ch

Key Takeaways

Singapore's MAS fined nine banks for anti-money laundering violations
Four Swiss/Liechtenstein banks were fined a total of SGD 12.2 million
Credit Suisse received the highest fine of SGD 5.8 million

By The Numbers

SGD 27.45 million

Total fines for all nine banks

CHF 7.6 million

Total fines for Swiss/Liechtenstein banks

Number of Swiss/Liechtenstein banks fined

They Said

"The fine takes into account various factors, including the number of violations and the degree of weakness of controls"
— Monetary Authority of Singapore

Key Takeaways

By The Numbers

They Said

Singapore Imposes Major Fines on Swiss Banks

Breakdown of Penalties

Compliance Violations

Impact on Swiss Banking Sector

Regulatory Context

Sources & References

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