Some of the biggest local and international banks in Singapore are becoming embroiled in one of the country's largest money laundering cases.
DBS Group Holdings, Singapore's largest lender, and Bank of Singapore, the private banking arm of OCBC Bank, are creditors to investment companies linked to individuals arrested and charged earlier in August in a major money laundering scandal involving over $1 billion of assets, according to business filings seen by Bloomberg News.
One of the accused also tried to cheat Standard Chartered Bank with fake documents, according to a court hearing in Singapore on Wednesday.
The banks join a list of financial institutions including Malaysia's CIMB Bank, Citigroup's local subsidiary and Deutsche Bank - to be linked to the suspects in the alleged money laundering ring.
Prosecutors have said that they are seeking documents from at least 10 financial institutions in relation to the case, although they were not named.
This story is from the August 31, 2023 edition of The Straits Times.
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This story is from the August 31, 2023 edition of The Straits Times.
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