Singapore’s financial regulation authority will conduct an on-site inspection of Credit Suisse in relation to the country’s biggest money laundering case.
The Monetary Authority of Singapore (MAS) will examine the Singapore unit of Credit Suisse, as one of its customers was charged in the headline money laundering scandal. Vang Shuiming, one of the suspects in the case, held S$92 million ($67 million) at the bank, which is the biggest known account so far.
The regulator will verify whether the bank properly handled the monitoring of wealthy clients. Officials from MAS intend to interview personnel and review documents within weeks, according to a «Bloomberg» report.
What About the Other Banks?
Aside from Credit Suisse, Shuiming also had accounts at Swiss bank Julius Baer where he had S$33 million. He also had an account with S$600,000 at Singapore-based UOB and a S$2.6 million account at Malaysian-based RHB Bank’s unit in Singapore. Shuiming’s other charges include forgery of a bank document to trick Citibank Singapore.
It is still not clear whether MAS will also examine the other banks. The authority could look into what red flags were raised internally and when so-called suspicious transaction reports were filed.
