Singapore inspects Credit Suisse bank branch related to money laundering scandal

The Monetary Authority of Singapore (MAS) will interview Credit Suisse staff and review documents within a few weeks.

Credit Suisse's Singapore branch is among the banks the country's regulator plans to inspect. (Source: The Business TImes)

Singapore's financial regulator said on October 18 it would conduct an on-site inspection of Credit Suisse after at least one of its clients was charged with money laundering in a scandal that has rocked the country.

Credit Suisse's Singapore branch will be among the banks that MAS plans to inspect to determine whether they are properly handling the monitoring of wealthy clients, according to the announcement.

MAS units will interview staff and review documents within weeks, sources said.

The raids are part of a plan to highlight the scale of the scandal that has hobbled at least 10 local and international banks in Singapore. More than S$2.8 billion ($2 billion) in assets ranging from cash to jewellery have been seized from a group accused of money laundering.

Credit Suisse is one of the banks that has ties to the defendants or their companies, the sources added. Vang Shuiming, one of the suspects, holds S$92 million in the Swiss bank, the largest known account in the case so far.

Source: https://baoquocte.vn/singapore-thanh-tra-chi-nhanh-ngan-hang-credit-suisse-lien-quan-be-boi-rua-tien-246649.html