Singapore’s Monetary Authority (MAS) will conduct an on-site inspection of Credit Suisse following serious allegations of money laundering involving at least one of its customers. This inquiry arises from a scandal that has implicated multiple banks in the city-state, with over S$2.8 billion in assets, including cash and jewelry, seized from individuals linked to the alleged laundering activities.

The inspection aims to evaluate whether banks adequately monitored their wealthy clients. MAS officials are expected to interview bank staff and review relevant documents in the coming weeks. The regulatory body’s involvement signifies concerns regarding the banks’ handling of client vetting and their connections to the accused.

Credit Suisse is known to have relationships with several individuals involved, including one suspect, Vang Shuiming, who held S$92 million at the Swiss bank—the largest known account associated with the case. Other banks linked to Vang include Bank Julius Baer, United Overseas Bank, and RHB Bank.

MAS has expressed worries about the large financial assets involved in this case, prompting a broader scrutiny of financial institutions’ practices, particularly regarding clients of Chinese origin with multiple passports. The regulator previously conducted a similar review of Credit Suisse in 2017 concerning its involvement in Malaysia’s 1MDB corruption scandal, resulting in a S$700,000 fine.

As investigations continue, authorities are tightening regulations and examining connections between accused individuals and family offices to ensure stricter compliance and monitoring in Singapore’s financial sector.