Singapore's Monetary Authority to Inspect Credit Suisse

Published 6 months ago
  Credit Suisse

Singapore’s central bank, the Monetary Authority of Singapore (MAS), is preparing to conduct an on-site review of a local unit of Credit Suisse. The inspection aims to evaluate how the financial institution monitored its wealthy clients, following charges of money laundering against at least one customer.

Upcoming Inspection

MAS officials plan to review documents and interview personnel from Credit Suisse and other banks in the coming weeks. This decision comes in response to the recent arrest of 10 foreigners in Singapore, in what is being considered one of the nation’s most significant suspected money laundering cases.

Seizure of Assets

The arrests, which took place in August, led to the seizure of assets worth S$2.8 billion ($2 billion). The investigation into this massive case of suspected money laundering is ongoing.

Both the MAS and Credit Suisse have yet to respond to requests for comment on the upcoming inspection.

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