Singaporean Banks Tighten Checks After Billion-Dollar Laundering

Singapore’s top banks are forced to bolster scrutiny of their wealthy clients after 16 banks were reportedly caught in the island nation’s biggest laundering scandal worth nearly IDR49 trillion.

Jessica Gabriela Soehandoko

11 Jun 2024 - 18.28
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Singaporean Banks Tighten Checks After Billion-Dollar Laundering

Illustration - Singapore city landscape.

Bisnis, JAKARTA — Singapore recently saw its biggest laundering case worth $2.23 billion (approximately IDR48.88 trillion) as the China-born perpetrators reportedly kept their assets derived from gambling activities in the city-state’s top banks.

Following the scandal, Singaporean banks such as Citigroup Inc., DBS Group Holdings Ltd., and others are tightening their checks to avoid the recurrence of illicit cash flows in the country. The laundering scandal, initially uncovered in August 2023, has since tarnished Singapore’s image as home to many global financial institutions.

The Monetary Authority of Singapore (MAS) recently concluded its probe of several banks involved in the case. Private bankers also received additional training to recognize potential perpetrators. According to anonymous sources, around 16 financial institutions will face fines and other sanctions from financial regulators after completing the review.

An MAS spokesperson said the agency would assess if financial institutions have adopted adequate oversight against money laundering and terrorism risks. Should these institutions fall short of standards, MAS will then take action.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.