Odaily Planet Daily News: Citigroup Inc., DBS Group Holdings Ltd. and other banks caught up in Singapore's biggest money laundering scandal are stepping up scrutiny of their high-net-worth clients and potential clients to avoid illegal money inflows, according to people familiar with the matter. Private bankers at several 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 plug loopholes in screening customers. The Monetary Authority of Singapore (MAS) recently completed on-site inspections of some banks involved in the case. Some people familiar with the matter said that after the review is completed, it is expected that the banks that have the most transactions with criminals (through deposit accounts, loans and other financial services) will face fines and other punitive measures from the financial regulator. In response to questions from Bloomberg News, a spokesman for the MAS said that the MAS will assess whether financial institutions have implemented adequate and appropriate controls on money laundering and terrorist financing, and will take action if the requirements are not met, just as in past cases, and supervision is ongoing. 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. (The Edge Malaysia) Last August, Singapore cracked the largest money laundering case in recent years, and 10 people including Su Baolin, the founder of Xinbao Investment, were arrested. The 10 foreign nationals arrested in this case were suspected of crimes such as forgery of documents and money laundering. The total value of the property involved was about S$1 billion. It was initially determined that the 10 people were originally from Fujian Province, China.
