Singapore asks banks to investigate suspicious transactions linked to suspect in biggest money laundering case in recent years

Odaily Planet Daily News Singapore's central bank has instructed financial institutions to review related transactions involving more than 1.8 billion Singapore dollars in money laundering suspects. The Monetary Authority of Singapore issued a circular to compliance officers of all financial firms in the city to review any suspicious or unusual transactions by the suspects from early 2020. A total of 34 people were on the review list, including 10 suspects who were arrested last month. (Bloomberg) Prior to the news on August 17, Singapore cracked the largest money laundering case in recent years, and 10 people including Su Baolin, the founder of Xinbao Investment, were arrested. The case involved a number of large local institutions and global financial institutions, with individuals holding funds in local subsidiaries of UOB and Citigroup. They also allegedly tried to defraud OCBC and Standard Chartered Bank using false documents. DBS is a creditor of an investment company linked to one of the defendants, while Deutsche Bank is also a related party creditor.