Singapore authorities are investigating Capital Asia Investments for suspected money laundering and have arrested two of the firm’s directors and seized more than S$160 million (US$124 million) from its bank and securities accounts.
The Monetary Authority of Singapore (MAS) says it received information about possible unlawful activities at Capital Asia Investments and “found serious control failings” in its compliance with anti-money laundering requirements.
MAS announced in a statement on March 10 that it conducted joint enforcement operations against the firm with local police. The directors arrested were not named.
Capital Asia Investments was co-founded in June 2017 by Eugene Tang, its chief executive officer. Tang did not immediately respond to questions from Asia Asset Management.
According to the firm’s website, Tang was a former head of client solutions at local securities firm UOB Kay Hian, and vice president of wealth management at another local firm, One Asia Investment Partners.
MAS revoked One Asia Investment’s licence in April 2017 after a court ordered the firm to wind up.
