SINGAPORE - Banks in Singapore are taking longer than usual to perform due diligence on clients and closing accounts in some cases, sources said, as procedures tighten after the financial hub’s biggest money laundering probe, which involved $2.8 billion in assets. Banks such as Oversea-Chinese Banking Corp Ltd (OCBC), Citigroup Inc and United Overseas Bank (UOB) are demanding more documents...
PUBLISHED ONSINGAPORE - Banks in Singapore are taking longer than usual to perform due diligence on clients and closing accounts in some cases, sources said, as procedures tighten after the financial hub’s biggest money laundering probe, which involved $2.8 billion in assets.
In a statement, the Monetary Authority of Singapore said financial firms must verify customers’ identities, establish the sources of wealth and funds of higher-risk clients, and keep track of transactions. One source, a wealth manager with a Singapore bank, said after the probe that only “high-quality clients with good profiles and substantial assets under management” could expect to get a private banking account opened within three months.
In a statement, UOB said it was vigilant against risks from money laundering or terrorism financing and ensured robust checks as part of its due diligence checks, making use of data analytics and technology solutions.The probe comes at a time when the city-state is experiencing a sharp jump in asset inflows from China, Hong Kong and elsewhere, drawn by its relative political stability, low taxes, and policies favourable for setting up funds.
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