In addition, Dahua Jixian (UOB Kay Hian), who holds a capital market service license, and Blue Ocean Invest, as well as the licensed trust company Trident Trust, were fined RMB 2.85 million, RMB 2.4 million and RMB 1.8 million respectively...
In addition, Dahua Jixian (UOB Kay Hian), who holds a capital market service license, and Blue Ocean Invest, as well as the licensed trust company Trident Trust, were fined RMB 2.85 million, RMB 2.4 million and RMB 1.8 million respectively.
Among the largest money laundering case involving 3 billion yuan in local history, nine financial institutions were fined 27.45 million yuan by the Monetary Authority of Singapore for violating the Anti-Money Laundering Regulations. This is the second highest fine issued by the authorities to the financial industry for violating the Anti-Money Laundering Regulations after a financial institution involving a case involving Malaysia Development Co., Ltd. (1MDB, referred to as 1MDB) was fined RMB 29.1 million.
The HKMA completed a two-year investigation into financial institutions involved in the Fujian money laundering case. Among the nine financial institutions that were punished, Credit Suisse (Credit Suisse) Singapore branch was the worst fine, at RMB 5.8 million. When the authorities imposed the bank, they also considered another violation of cases involving US clients from November 2017 to October 2023.
Other banks that were fined were the Singapore Branch of Bank of Switzerland (UBS AG), Citi, Bank Julius Baer & Co., Singapore Branch, and LGT Private Bank Singapore. They were fined RMB 3 million, RMB 2.6 million, RMB 2.4 million and RMB 1 million respectively.
Uohua Bank received the second highest fine, with a fine of 5.6 million yuan. In addition, two former managers of the bank were condemned by the HKMA for failing to take or ensure proper due diligence or following up on suspicious transaction reports. These two are Hong Shixi and Chen Shengrong, both of whom are former supervisors of the exclusive financial management team of Dahua Group's retail banking business.
This 3 billion yuan money laundering case that broke out in August 2023 involves assets such as cash, luxury homes, expensive goods, cryptocurrencies and alcohol. The total value of the confiscated assets exceeded 900 million yuan. Ten of the cases were convicted, with their sentences ranging from 13 to 17 months, and five of them were able to shorten one-third of their sentences because of their good performance in prison. They have all served their sentences and have been deported.
