Citigroup, DBS and other banks have stepped up scrutiny of high-net-worth customers after Singapore’s largest money laundering case. 0x Information reported that people familiar with the matter revealed that Citigroup Inc. and DBS Group Holdings Ltd, which were involved in Singapore’s largest money laundering scandal, .) and other banks are stepping up scrutiny of their high-net-worth clients and potential clients to avoid illicit inflows. Private bankers at several institutions are also receiving additional training to help them spot the tricks criminals use to conceal their backgrounds and sources of funds. The moves are voluntary and suggest agencies are trying to plug holes in their ability to screen customers. The Monetary Authority of Singapore (MAS) recently completed on-site inspections of a number of banks involved in the case. Banks that do the most business with criminals - through deposit accounts, loans and other financial services - are expected to face fines and other punitive measures from financial regulators after the review is concluded, some people familiar with the matter said. In response to questions from Bloomberg News, a spokesperson for the HKMA said that the HKMA 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, as has been the case in the past Again, regulatory work is ongoing. After the money laundering case came to light in August 2023, the Singaporean government established an inter-ministerial committee to review its anti-money laundering regime and strengthen the defenses of industries such as financial institutions, real estate agencies and precious metals dealers. (The Edge Malaysia) In August last year, it was reported that Singapore uncovered the largest money laundering case in recent years, and 10 people including Su Baolin, the founder of Xinbao Investment, were arrested. The 10 foreigners arrested in this case were suspected of forging documents, money laundering and other crimes. The total value of the property involved was about 1 billion Singapore dollars. It was initially determined that all 10 people were originally from Fujian Province, China. https://theedgemalaysia.com/node/714745