MAS to review Credit Suisse amid Singapore money laundering scandal

Picture courtesy of AFP

The Monetary Authority of Singapore (MAS) announced its intention to conduct an on-site review of Credit Suisse Group AG. The decision comes in the wake of a far-reaching financial scandal, in which at least one customer of the bank has been charged with money laundering.

The review aims to assess the bank’s handling and monitoring of wealthy clients.

The local Credit Suisse unit is among several banks that the MAS will inspect. The regulator’s officials are set to review documents and interview staff members within a matter of weeks, according to multiple anonymous sources. The news of the impending investigation has not been made public.

This review signifies the gravity of the scandal, which has implicated at least ten banks within Singapore’s financial centre. The alleged money laundering operation is reported to have…