top of page

Money-laundering scandal prompts Singapore banks to up client scrutiny

Banks in Singapore are intensifying scrutiny of customers, particularly those from China, amid a USD1.8bn money-laundering scandal. The waiting period to open private banking accounts has reportedly increased from one month to three to four. This follows the exposure of a transnational money laundering syndicate in August. Singapore’s status as a secure wealth hub has risen during the pandemic, witnessing a 16% increase in net new inflows of funds in 2021. The Monetary Authority of Singapore has directed all financial institutions to scrutinise transactions, and several banks including CIMB and Citigroup’s local subsidiary have been summoned to submit documents for investigation, with the MAS emphasising stringent checks on high net worth individuals.


bottom of page