Singapore’s Monetary Authority of Singapore (MAS), has imposed a total fine of S$27.45 million ($21.45 million USD) on nine financial institutions for anti-money laundering (AML) lapses connected to one of the country’s biggest-ever money laundering cases.
Singapore Regulator Fines Several Institutions Over AML Failures
According to the MAS, the financial institutions involved failed to enforce adequate safeguards under the country’s AML and Countering the Financing of Terrorism (CFT) framework, despite having basic policies in place. These shortcomings were identified during inspections conducted between early 2023 and early 2025.
The MAS cited weak or inconsistent implementation of customer due diligence measures across these institutions. Failures were found in critical areas such as risk assessments, verifying sources of wealth, and transaction monitoring. In many cases, red flags, such as unexplained wealth or unusually large transactions that did not match customer profiles, were not adequately investigated. In eight of the nine cases, suspicious transactions were either not thoroughly reviewed or not followed by appropriate risk mitigation, even after reports had been submitted.
MAS has also taken enforcement action against individuals, issuing prohibition orders (POs) against four senior executives and relationship managers from Blue Ocean Invest. CEO Tsao Chung-Yi was handed a six-year PO, while COO Wong Xuan Ling received a five-year ban. Two others, Henry Hsia and Deng Xixi, were barred for three years each. All four were found to have failed in implementing and enforcing adequate AML controls, particularly for high-risk clients linked to Philippine Offshore Gaming Operators (POGOs).
In addition, several individuals received formal reprimands, including senior managers at Trident Trust and former team heads from UOB’s privilege banking division. Nine more relationship managers and supervisors were privately reprimanded for less serious breaches.
MAS Gives Warnings
The MAS has issued updated supervisory expectations and called on financial institutions to benchmark their AML practices against leading industry standards. Banks and intermediaries are now expected to implement more robust, risk-based controls, especially in areas such as verifying the source of wealth and monitoring transactions. The regulator also cautioned that further enforcement action may be taken against a small number of individuals, depending on the outcomes of ongoing court proceedings.
Ho Hern Shin, deputy managing director of financial supervision at MAS, noted that, like other major international financial centers, Singapore faces exposure to money laundering risks. She emphasized that the vigilance of financial institutions and their employees plays a crucial role in mitigating these threats.