According to Odaily Planet Daily, Citigroup, DBS Group and other banks involved in Singapore's largest money laundering scandal are stepping up scrutiny of their high-net-worth clients and potential clients to avoid illegal inflows of funds. Private bankers at these institutions are also receiving additional training to help them detect tricks used by criminals to conceal their backgrounds and sources of funds. These initiatives are voluntary, indicating that the relevant institutions are trying to fill loopholes in screening customers.
The Monetary Authority of Singapore (MAS) recently completed on-site inspections of some banks involved in the case. After the review is completed, it is expected that the banks that have done the most business with the criminals will face fines and other punitive measures from the financial regulator. A spokesman for the MAS said the MAS will assess whether financial institutions have implemented adequate and appropriate controls against money laundering and terrorist financing, and will take action if the requirements are not met.
After the money laundering case was exposed in August 2023, the Singapore government set up an inter-ministerial committee to review its anti-money laundering system and strengthen defenses in industries such as financial institutions, real estate agencies and precious metals traders. Last August, Singapore cracked the largest money laundering case in recent years. Su Baolin, founder of Xinbao Investment, and 10 others were arrested, and the total value of the property involved was about S$1 billion.
