Singapore Banks Probe Rich Clients After Laundering Case
- 10 convicted individuals had funds at more than a dozen firms
- Bankers are being trained to better spot customer red flags
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Citigroup Inc., DBS Group Holdings Ltd. and other banks caught up in Singapore’s biggest money-laundering scandal are ramping up scrutiny of their wealthy customers and potential clients to avoid exposure to illicit flows, according to people familiar with the matter.
Private bankers at several institutions are also receiving additional training to help them spot tricks used by criminals to mask their backgrounds and sources of funds, said the people, who asked not to be identified discussing private matters.