Singapore to Inspect Credit Suisse and Other Banks in Money-Laundering Scandal

         

Summary: The Monetary Authority of Singapore (MAS) will conduct an on-site inspection of Credit Suisse and other banks to assess their handling of wealthy clients’ monitoring in light of a money-laundering charge. Singaporean officials will review documents and interview personnel from the banks in the coming weeks.

The Monetary Authority of Singapore (MAS) is set to launch an on-site inspection of the local unit of Credit Suisse to investigate its handling of the monitoring of wealthy clients following a money laundering charge. This move comes after at least one customer of Credit Suisse has been charged for money laundering. According to Bloomberg News, Singaporean financial regulators will scrutinize documents and interview staff from Credit Suisse and other banks involved in the scandal. Both the MAS and Credit Suisse have yet to comment on this development. Singaporean authorities had previously detained 10 foreigners in August as part of their inquiry into a massive suspected money laundering operation, resulting in the seizure of assets worth S$2.8 billion ($2 billion).

Tags: Singapore, Credit Suisse, money laundering, banking, wealthy clients

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