The planned inspection underscores the seriousness of the scandal that has ensnared at least 10 domestic and international banks in the Asian financial hub.
Singapore’s financial regulator will conduct an on-site inspection of Credit Suisse Group AG after at least one of its customers was charged for money laundering in a scandal that has rocked the city-state.
The MAS’s upcoming visit would be outside its regular engagements with banks, and signals potential issues with the lenders’ sizable exposure to the suspects and overall handling of client vetting, the people said. Credit Suisse is among the banks that have relationships with either the accused, or their companies. One of the suspects, Vang Shuiming, held S$92 million at the Swiss lender, the biggest known account so far in the case.
For Credit Suisse, the review is but one of many headaches its new parent UBS Group AG will have to deal with as it focuses on integrating thousands of employees from its former rival across the world. The MAS did a similar inspection on Credit Suisse in 2017 for its role in the 1MDB saga, Malaysia’s biggest corruption case, and consequently the bank was fined S$700,000. The amount was the smallest penalty the regulator imposed on banks in Singapore at the time.
Besides Credit Suisse, Vang also had bank accounts with others including Bank Julius Baer where he had S$33 million as well as United Overseas Bank. and RHB Bank Bhd.’s local unit, according to police affidavits. Vang’s other charges include forgery of a bank document to trick Citibank Singapore.
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