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.
Singapore is investigating money laundering allegations. (Photo:swissinfo.ch)
Geneva (VNA) – Singapore’s financial regulator willconduct an on-site inspection of Credit Suisse Group AG after at least one o🌱fits customers was charged for money laundering in a𓆉 scandal that has rocked thecity-state.
The Singapore branch of Credit Suisse will be among banks theMonetary Authority of Singapore (MAS) plans to examine to determine whetherthey properly handled the monitoring of wealthy clients, according to peoplefamiliar with the matter. Officials from the regulator are set to interviewpersonnel and review documents within weeks.
The planned inspection underscores the seriousness of thescandal 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 havebeen seized from a group of alleged money launderers.
The MAS’s upcoming visit would be outside its regular engagements withbanks, and signals potential issues with the lenders’ sizable exposure to th🔯esuspects and overall handling of client vetting, the people said.
Credit Suisseis among the banks that have relationships with either the accused, or theircompanies. One of the suspects, Vang Shuiming, held 92 million SGD at the Swisslender, the biggest known account so far in the case./.
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Singapore is investigating money laundering allegations. (Photo:swissinfo.ch) 
