A Singapore financial regulator will reportedly conduct an on-site inspection of a local Credit Suisse unit in connection with a 2.8 billion Singapore dollar (U.S. $2 billion) money laundering scandal.
The Monetary Authority of Singapore will carry out the inspection to determine if the bank properly monitored its wealthy clients, one of whom was charged with money laundering, according to a report from Bloomberg News. Other financial institutions linked to the August arrests of 10 foreigners in Singapore accused of laundering billions in illicit proceeds will also be subject to inspections, Bloomberg reported.
The accused hail from countries including China, Cambodia, Cyprus, and Vanuatu. One of the suspects, Vang Shuiming, held SGD$92 million (U.S. $67 million) at Credit Suisse, the biggest known account so far in the case, Bloomberg reported.
Credit Suisse declined to comment.
The August raids by Singapore police on at least nine locations netted assets totaling SGD$1 billion (U.S. $730 million), police said at the time. The assets included 94 properties, 50 vehicles, bank accounts and stacks of cash in the millions, hundreds of luxury handbags and watches, jewelry, and gold bars, according to a report from Reuters.
In March, Swiss bank UBS announced it would purchase Credit Suisse in a merger approved by Swiss regulators to head off a potential collapse by Credit Suisse, which faltered in the wake of significant losses in 2022 and the failure of multiple mid-sized banks in the United States earlier this year.