Singapore bank DBS says $74M exposure from money laundering scandal
By 
Kyle Brasseur2023-11-06T17:26:00
The chief executive officer of Singapore’s largest bank acknowledged exposure of about 100 million Singapore dollars (U.S. $74 million) related to the city-state’s money laundering scandal.
Piyush Gupta of DBS discussed the matter during a press briefing Monday aligning with the bank’s release of its third-quarter results. The bank disclosed overall net profit and income increases, even despite the exposure and other recent turmoil it has faced.
In August, 10 foreigners were arrested in Singapore in connection with a SGD$2.8 billion (U.S. $2 billion) money laundering scandal. Financial institutions linked to the individuals have since faced additional scrutiny, including potential investigations by the Monetary Authority of Singapore (MAS).
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