Reported 11 months ago
Citigroup Inc., DBS Group Holdings Ltd., and other banks in Singapore are intensifying scrutiny on wealthy clients and prospects to prevent exposure to illicit funds following the country's largest money-laundering scandal. These measures, including enhanced training for private bankers, aim to prevent criminals from masking their backgrounds and sources of funds. The Monetary Authority of Singapore is expected to impose fines and other punitive actions on banks involved in the scandal after concluding its review. The authorities have seized assets and sentenced individuals involved, prompting banks to tighten their anti-money laundering processes and vet major transactions more rigorously.
Source: YAHOO