UBS Group AG and two major Chinese lenders have been drawn into one of Singapore’s largest money laundering cases, as a police affidavit showed that an alleged fugitive involved had stashed millions at the banks.
Wang Dehai, who is also wanted in China for illegal online gambling activities, kept HK$53 million ($6.8 million) and $500,000 with UBS, Industrial & Commercial Bank of China Ltd and Bank of China Ltd. in Hong Kong, according to a court document seen by Bloomberg News after a bail hearing for Wang Wednesday.
UBS, ICBC and Bank of China did not immediately respond to Bloomberg News’ request for comment.
Wang, 34, was arrested in Singapore on Aug. 15 as part of a nationwide crackdown on an alleged gambling ring that saw nine other individuals originating from China also being remanded. Over $2 billion of assets from cash to jewelry have been seized from the group.
More than 10 banks have been ensnared for their ties with the alleged money launderers, or their businesses in Singapore. The local unit of Credit Suisse Group AG, which was taken over by UBS earlier this year, will be inspected by the Monetary Authority of Singapore after another suspect Vang Shuiming was found to hold S$92 million ($67 million) at the bank, Bloomberg News reported.
Senators say brokerages leave accounts exposed to fraudulent transfers without verification, intensifying pressure as FINRA weighs its own fraud-hold rule
Meanwhile, the founder of advisor list gives reasons for secret $6 million payment to editor.
Internal C-level promotion comes as US Bank builds out private banking, athlete-focused advice and alternatives infrastructure.
A structured financial plan doesn't just prepare clients for the future, it transforms how they respond to the present.
Regulated prediction markets for retail brokerage clients is the latest sign that prediction markets are entering the mainstream investing toolkit.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
