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(Reuters) – Singapore’s Monetary Authority (MAS) plans to conduct an on-site inspection at a local unit of Credit Suisse to determine whether it handled the supervision of high-net-worth clients well after at least one of its clients was accused of money laundering. Bloomberg News reported Wednesday.
Officials at Singapore’s monetary regulator will review the documents and make inquiries at Credit Suisse and other banks within weeks, the report said, citing other people familiar with the matter.
MAS informed Reuters News to Singapore Minister of State Alvin Tan’s Parliament on Oct. 3 that MAS was conducting supervisory reviews and inspections of monetary institutions related to the case.
Credit Suisse declined to comment on the report.
Police in Singapore arrested 10 foreigners in August as the Asian currency center investigates one of its biggest cases of alleged cash laundering, with assets seized of S$2. 8 billion ($2 billion).
(Reporting by Chandni Shah in Bengaluru and Yantoultra Ngui in Singapore; editing by Robert Birsel and Bernadette Baum)