Singapore’s Monetary Authority (MAS) has imposed fines totaling S$27.45 million (€18.3 million) on nine financial institutions for anti-money laundering (AML) violations connected to one of the country’s most significant money laundering cases.
The penalties, announced on 4 July, relate to compliance failures discovered during a probe into a 2023 criminal case involving illicit gambling and scam operations tied to Philippine Offshore Gaming Operators (POGOs).
The enforcement wraps up MAS’s investigations into institutions that had substantial connections to the ten foreign nationals arrested in the scandal. Authorities seized over S$3 billion in luxury assets, including cash, properties, cars, designer watches, and fine wines , from suspects accused of laundering money from illegal gambling and fraud schemes.
MAS also took regulatory action against individuals. Four senior staff from Blue Ocean Invest received prohibition orders for failing to implement effective AML measures. CEO Tsao Chung-Yi was banned for six years, COO Wong Xuan Ling for five, while Henry Hsia and Deng Xixi received three-year bans.
Additional reprimands were issued to senior personnel at Trident Trust and former UOB privilege banking heads. Nine other staff were privately reprimanded for less severe violations. MAS clarified that reprimands do not necessarily mean individuals are unfit for future employment but acknowledged their conduct did not meet regulatory expectations.
In response, MAS released updated supervisory guidance, urging financial firms to benchmark their AML frameworks against industry best practices. Institutions are expected to enhance controls, especially regarding wealth source verification and transaction monitoring.
MAS warned further actions could follow depending on the outcome of ongoing legal proceedings. Deputy Managing Director Ho Hern Shin emphasized that Singapore remains vulnerable to money laundering risks like other global financial hubs, and maintaining high vigilance within financial institutions is essential. She added that MAS remains committed to enforcing compliance and will act decisively in cases of serious misconduct.
