Singapore, July 5 -- The Monetary Authority of Singapore (MAS) has fined nine financial institutions 27.45 million SGD (21.55 million USD) for breaches related to the 2023 money laundering case involving more than 3 billion SGD in assets. This is considered the second largest cumulative penalty imposed by MAS for breaches related to anti-money laundering and countering the financing of terrorism, after the 1Malaysia Development Berhad (1MDB) case in 2017. According to the MAS announcement on July 4, Credit Suisse received the highest composition penalty of 5.8 million SGD. The bank was acquired by fellow Swiss bank UBS in 2023. UOB, UBS, UOB Kay Hian, and Citibank received the next highest penalties. Swiss bank Julius Baer, asset manageme...