SINGAPORE – A licensed fund management company is under investigation for alleged money laundering, with more than S$160 million (US$124 million) in assets seized from the company’s bank and securities accounts.

An enforcement operation by the Singapore Police Force (SPF) and the Monetary Authority of Singapore (MAS) was carried out on Capital Asia Investments on March 5, authorities said in a joint statement on Monday (March 9).

Two of the company’s directors were arrested.

MAS said it had been reviewing the company and its activities after receiving information about possible illegal conduct. A supervisory review found “serious control failures” in the company’s compliance with anti-money laundering requirements.

Separately, SPF said it had received financial intelligence from the Suspicious Transaction Reporting Office regarding the alleged involvement of Capital Asia Investments and related entities in a transnational money laundering network.

“Following this, the police launched investigations and engaged their foreign counterparts to obtain information and assistance, as the proceeds of crime were allegedly derived from organized crime activities abroad, including scams,” the SPF added.

Investigations are ongoing.