Singapore banks intensify money-laundering scrutiny and training after $3bn gambling scandal.

Singapore banks, including Citigroup and DBS Group Holdings, are intensifying scrutiny of wealthy clients and providing extra training to private bankers to detect money laundering tactics, following Singapore's largest money-laundering scandal involving over $3bn in online gambling proceeds. The voluntary measures aim to close loopholes and address weaknesses in client screening. The scandal has harmed Singapore's reputation.

June 10, 2024
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