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唐朱昌
唐朱昌
教授,博士生导师。复旦大学中国反洗钱研究中心首任主任,复旦大学俄...
严立新
严立新
复旦大学国际金融学院教授,中国反洗钱研究中心执行主任,陆家嘴金...
陈浩然
陈浩然
复旦大学法学院教授、博士生导师;复旦大学国际刑法研究中心主任。...
何 萍
何 萍
华东政法大学刑法学教授,复旦大学中国反洗钱研究中心特聘研究员,荷...
李小杰
李小杰
安永金融服务风险管理、咨询总监,曾任蚂蚁金服反洗钱总监,复旦大学...
周锦贤
周锦贤
周锦贤先生,香港人,广州暨南大学法律学士,复旦大学中国反洗钱研究中...
童文俊
童文俊
高级经济师,复旦大学金融学博士,复旦大学经济学博士后。现供职于中...
汤 俊
汤 俊
武汉中南财经政法大学信息安全学院教授。长期专注于反洗钱/反恐...
李 刚
李 刚
生辰:1977.7.26 籍贯:辽宁抚顺 民族:汉 党派:九三学社 职称:教授 研究...
祝亚雄
祝亚雄
祝亚雄,1974年生,浙江衢州人。浙江师范大学经济与管理学院副教授,博...
顾卿华
顾卿华
复旦大学中国反洗钱研究中心特聘研究员;现任安永管理咨询服务合伙...
张平
张平
工作履历:曾在国家审计署从事审计工作,是国家第一批政府审计师;曾在...
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上传时间: 2024-06-11      浏览次数:140次
Banks Tighten Client Scrutiny Amid Singapore’s Money Laundering Saga – Report

 

https://www.wealthbriefing.com/html/article.php/Banks-Tighten-Client-Scrutiny-Amid-Singapore%27s-Money-Laundering-Saga-%E2%80%93-Report?id=201466

 

Perhaps, unsurprisingly, banks operating in Singapore are tightening scrutiny of their clients in the wake of the largest money laundering case in the Asian city-state's history. Fines and other punitive measured are expected.

 

Citigroup, DBS and other banks caught up in a major money laundering case in Singapore are tightening scrutiny of their wealthy customers and potential clients, Bloomberg has reported, citing unnamed sources.

 

The report (10 June) said private bankers at several institutions are also receiving additional training to help them spot tricks used by criminals to mask their backgrounds and sources of funds.

 

The banks’ moves, which are voluntary, demonstrate how firms are trying to ensure the kind of conduct that saw a group of criminals from China launder more than S$3 billion ($2.23 billion) does not recur. The criminals laundered proceeds from online gambling through at least 16 financial institutions in Singapore.

 

A report last week said the case covers 27 people, and not only the 10 persons brought to court on various charges.

 

This isn’t the first time Singapore – along with other hubs such as Switzerland and the US – have been hit by money laundering scandals. Just under a decade ago, the wealth sector witnessed the multi-billion saga of funds that were siphoned off from the 1MDB fund created by the Malaysian government. Banks in Singapore were among those affected.

 

The news service’s report said that the Monetary Authority of Singapore recently completed on-site inspections of some banks that were involved.

 

Firms that had the most dealings with the criminals – through deposit accounts, loans and other financial services – are expected to face fines and other punitive measures from the financial regulator after its review concludes, the report said, citing its sources.

 

The MAS will check if the financial institutions have implemented adequate and appropriate controls against money laundering and terrorism financing. The regulator will act if firms have fallen short of requirements, as it has done in past cases, a MAS spokesperson told Bloomberg.