MAS Enforcement Action Against Former Bank Relationship Managers Linked to S$3 Billion Money Laundering Case

In March 2026, the Monetary Authority of Singapore (MAS) issued prohibition orders under the Financial Services and Markets Act 2022 (FSMA) against two former bank relationship managers, Mr Wang Qiming and Mr Liu Kai, following their convictions in connection with Singapore’s money laundering case of August 2023 involving approximately S$3 billion in illicit assets.

This enforcement action reflects MAS’s unwavering commitment to protecting Singapore’s financial system’s integrity and holding financial professionals accountable for serious misconduct.

Criminal Conduct and Sentencing:

Wang Qiming (Former Citibank Relationship Manager)

Wang Qiming, a Chinese national and former relationship manager at Citibank Singapore, was convicted on multiple charges, including:

Forgery for the purpose of cheating
Money laundering involving approximately S$481,678
Obstruction of justice (including deletion of evidence)

He was sentenced to 24 months’ imprisonment in October 2025.

Wang’s actions included forging documents to mislead bank compliance processes and enabling the handling of illicit funds linked to criminal networks.

Liu Kai (Former Julius Baer Relationship Manager)

Liu Kai, formerly with Bank Julius Baer & Co Ltd, was convicted of using forged documents to deceive his employer. He was sentenced to four months’ imprisonment.

His conduct involved submitting forged Chinese tax document to support client transactions at the Singapore branch of Bank Julius Baer & Co Ltd, thereby undermining internal AML controls.

MAS Prohibition Orders

Following their convictions, MAS determined that both individuals failed to meet the “fit and proper” criteria required for financial industry professionals under the Financial Services and Markets Act 2022.

Accordingly, MAS imposed:

16-year prohibition order on Wang Qiming
7-year prohibition order on Liu Kai

Under these orders, both individuals are prohibited from:

Conducting any MAS-regulated activities
Participating in the management of financial institutions
Acting as directors, partners, or managers in financial institutions
Holding substantial shareholding interests in financial institutions

Conclusion:

The prohibition orders imposed on Wang Qiming and Liu Kai constitute a significant milestone in Singapore’s S$3 billion money laundering case, highlighting the importance of effective compliance frameworks, ethical standards, and individual accountability within financial institutions.

This case further emphasizes the importance of the Monetary Authority of Singapore’s Guidelines on Fit and Proper Criteria (FSG-G01), which require financial professionals to uphold the highest standards of honesty, integrity, and competence. Financial institutions are expected to continuously strengthen their AML controls and ensure that employees adhere to the highest standards of integrity to prevent similar incidents.

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