The Monetary Authority of Singapore (MAS) on Thursday told DBS Group Holdings' unit DBS Bank and Citibank Singapore to conduct a thorough investigation after they failed to recover their systems fully within a required timeframe during an unscheduled outage on Oct. 14, Reuters reported. The central bank said unscheduled downtime for a critical system that affects a bank's operations or service to customers must not exceed four hours within any 12-month period. On Saturday Oct. 14, DBS's and Citibank's online banking and payment services went offline from around 3 p.m.

Singapore’s financial regulator will conduct an on-site inspection of Credit Suisse Group AG after at least one of its customers was charged for money laundering in a scandal that has rocked the city-state, Bloomberg News reported. The local unit of Credit Suisse will be among banks the Monetary Authority of Singapore plans to examine to determine whether they properly handled the monitoring of wealthy clients. Officials from the regulator are set to interview personnel and review documents within weeks.

Three Arrows Capital co-founder Su Zhu ended up in jail in Singapore after liquidators decided to apply maximum pressure following months of sparring over locating the failed crypto hedge fund’s assets, Bloomberg News reported. Days after securing a Singapore court order carrying a four-month prison term for failing to cooperate with the task of winding up the fund, liquidators tipped police off on Sept. 29 that Zhu was headed to Changi Airport.

Singapore authorities seized or froze assets worth more than S$2.8 billion ($2 billion) in one of the city-state’s largest money laundering investigations, a senior official said on Tuesday while signaling the government could tighten immigration rules to curb illicit inflows, Bloomberg News reported. The amount disclosed to parliament by Second Minister for Home Affairs Josephine Teo is higher than the S$2.4 billion previously announced. The assets included 152 properties, 62 vehicles, thousands of bottles of liquor, cryptocurrencies, gold bars and jewellery.

Singapore's central bank said on Tuesday it was looking into whether banks involved in a S$2.4 billion ($1.75 billion) money laundering scandal in the global wealth hub had taken all reasonable steps to mitigate risks, Reuters reported. The Monetary Authority of Singapore (MAS) will take action if its findings reveal shortcomings in the banks' controls, a spokesperson said in an emailed statement. Singapore police last month arrested and charged 10 foreigners including from China, in one of the biggest anti-money laundering swoops.

Singapore’s approach to crypto became more conservative after the collapse of FTX but the island remains crypto friendly overall, said Changpeng ‘CZ’ Zhao, chief executive of the Binance digital-asset exchange, Bloomberg News reported. The Hong Kong crypto regime that took effect mid-year only allows a limited number of tokens for trading by retail investors, he said Thursday via video link at the Token2049 conference in Singapore. Tighter regulations generally have prompted many traditional financial institutions to hold back on offering cash to crypto services and vice versa, he added.

Singapore’s central bank imposed nine-year prohibition orders on Su Zhu and Kyle Davies for transgressions at their collapsed crypto hedge fund Three Arrows Capital, Bloomberg News reported. The orders from the city-state’s financial watchdog took effect Wednesday and ban both men from any regulated activity, according to a Monetary Authority of Singapore statement on Thursday. Zhu and Davies are also prohibited from managing, being directors of, or becoming substantial shareholders of any capital market services company under the Securities and Futures Act, the statement showed.

Financial institutions in Singapore are scouring client records after police raided a sprawling criminal organization with stockpiles of cash—and dozens of bank accounts, the Wall Street Journal reported. Police officers and agents in the city-state arrested 10 foreign nationals in mid-August on charges including fraud and money laundering. The arrests followed a series of raids that led to the discovery of $630 million worth of properties, cars, luxury goods and cash, and $81 million of assets held across 35 bank accounts.

Some of the biggest local and international banks in Singapore are becoming embroiled in one of the city-state’s largest money laundering cases involving more than S$1 billion ($740 million) of assets, Bloomberg News reported. In charge sheets seen by Bloomberg News, some of the individuals who were arrested and charged this month held funds totaling millions — from unlicensed moneylending in China and illegal gambling — in United Overseas Bank Ltd. and the local units of Citigroup Inc. and RHB Bank Bhd.