DBS, OCBC are creditors to alleged launderers’ Singapore firms
- Singapore's two major banks, DBS Group Holdings and Bank of Singapore (OCBC's private banking arm), are creditors to investment firms involved in a money laundering scandal of over S$1 billion in assets.
- DBS and Bank of Singapore have registered charges on investment firms linked to individuals arrested and charged for money laundering and forgery offenses earlier in the month.
- DBS registered charges on Aiqinhai Investment, linked to director and shareholder Su Haijin, who is among the indicted individuals.
- Bank of Singapore registered a charge on Xinbao Investment Holdings, linked to director Su Baolin, also among the charged individuals.
- The banks' facilities are secured against the investment firms' assets.
- This adds the local banks to a list of financial institutions, including CIMB Bank, $Citigroup(C.US$'s local subsidiary, and Deutsche Bank, connected to the alleged money laundering ring.
- Property agents, precious metals dealers, and golf clubs have also been implicated in the scandal, raising concerns about illicit funds flowing into Singapore's financial hub.
- The Monetary Authority of Singapore has stated that it will take strong action against institutions found to have breached anti-money laundering rules.
- The investigation involves at least 10 financial institutions, and the local police and regulators are involved in the case.
All of the 10 arrested individuals are due in court on Wednesday (Aug 30).
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Btan : Incoming fine and investigations?
Bull riser 101552971 : Nothing burger news?
101652731 : the fine amount will be neglible n nothing compared to what it has earned n contributed to its revenue n interest n profits.