Composition penalty for AML/CFT breaches found in examinations after the 2023 money laundering case
MAS imposed a S$5.6 million composition penalty on United Overseas Bank Limited, one of nine FIs penalised S$27.45 million in total after supervisory examinations from early 2023 to early 2025. MAS named UOB among FIs that failed to follow up on source of wealth discrepancies, adequately review flagged transactions, and take timely risk mitigation after filing suspicious transaction reports.
two FIs (UOB and UOBKH) failed to take adequate and timely risk mitigation measures
MAS said the institutions have embarked on remediation and it will monitor progress.