Citi, CIMB Used by Accused in Singapore’s Laundering Scandal
Real Singapore dollar banknotes.
Photographer: Ian Waldie/Bloomberg
This article is for subscribers only.
Citigroup Inc.’s Singapore subsidiary and CIMB Group Holdings Bhd are among banks affected by a major money laundering case in the city-state involving about S$1 billion ($736 million) of assets.
The two lenders were used in 2020 and 2021 by some of the foreign nationals who were arrested in raids this week across the country, according to charge documents seen by Bloomberg News.