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.
Singapore is investigating money laundering allegations. (Photo:swissinfo.ch)
Geneva (VNA) 🔥– Singapore’s financial regulator willconduct an on-site inspection of Credit Suisse Group AG after at least one ofits customers was charged for money laundering in a scandal that has rocked thecity-state.
The Singapore branch of Credit Suisse will be among banks theMonetary Authority of Singapore (MAS) plans to examine to determine whetherthey properly handled the monitoring of wealthy clients, according to peoplefamiliar with the matter. Officials from the regulator are set to interviewpersonnel and review documents within weeks.
The planned inspection underscores the seriousness of thescandal that has ensnared at least 10 domestic and international banks in Singapore.More than 2.8 billion SGD (2 billion USD) of assets from cash to jewelry havebeen seized from a group of alleged money launderers.
✅ The MAS’s upcoming visit would be outside its regular engagements withbanks, and signals potential issues with the lenders’ sizable exposure to thesuspects and overall handling of client vetting, the people said.
Credit Suisseis among the banks that have relationships with either the accused, or theircompanies. One of the suspects, Vang Shuiming, held 92 million SGD at the Swisslender, the biggest known account so far in the case./.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Singapore is investigating money laundering allegations. (Photo:swissinfo.ch) 
