The planned inspection underscores the seriousness of the scandal that has ensnared at least 10 domestic and international banks in the Asian financial hub. More than $2.8 billion of assets from cash to jewellery have been seized from a group of alleged money launderers with Chinese origin.
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 local unit of Credit Suisse will be among banks the Monetary Authority of Singapore plans to examine to determine whether they properly handled the monitoring of wealthy clients, according to people familiar with the matter. Officials from the regulator are set to interview personnel and review documents within weeks, the people said, asking not to be identified as the information isn’t public.
