Strengthened Client Scrutiny by Singapore Banks: Addressing Money-Laundering Concerns

Banks in Singapore are intensifying efforts to identify the sources of wealth as the city-state grapples with a ballooning S$2.4bn (US$1.8bn) money-laundering scandal.    Scrutiny of customers from various countries, including China, has increased at financial institutions, resulting in longer waiting periods to open private banking accounts, which now range…