Singapore Banks Raise Checks of Chinese With Other Passports
- Stricter scrutiny after August raids with $1.8 billion seized
- Numerous questions on laundering scandal raised in parliament
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Singapore banks are increasing scrutiny of some Chinese-born clients with other citizenships, following last month’s crackdown on money laundering involving more than S$2.4 billion ($1.8 billion) worth of assets that has rattled the Asian financial hub.
Some lenders have been reviewing new account openings and transactions with clients of Chinese origin carrying investment-linked passports, people with knowledge of the matter said. At least one international bank is closing some accounts of clients with citizenship from countries including Cambodia, Cyprus, Turkey and Vanuatu, one of the people said, asking not to be identified as the information isn’t public.