Internet reported that the Monetary Authority of Singapore (MAS) recently announced fines totaling S$27.5 million (approximately US$21.5 million) on nine financial institutions, including UBS and Citigroup, marking the end of the largest money laundering investigation in the country's history. According to Bloomberg, Credit Suisse's Singapore branch, now integrated into UBS, faces a maximum fine of S$5.8 million for loopholes in anti-money laundering (AML) controls. Citigroup's Singapore operations were also fined for compliance lapses. The two-year investigation, which began in 2023, involved money laundering totaling US$2.2 billion. During the investigation, ten China nationals known as the "Fujian Gang" have been convicted, and two former bankers were also charged last year for their involvement. Law enforcement agencies seized a large number of assets in the case, including cash, luxury properties, high-end goods and cryptocurrencies. The Monetary Authority of Singapore stated that the financial institutions involved are taking remedial measures and the regulatory authorities will closely monitor the progress of the rectification.