Singapore Banks Are Stepping up Checks on Chinese Clients Holding "Investment-related" Passports

[ChainDD report] September 22 (ChainDD) After cracking down on a money laundering case involving assets of more than S $2.4 billion, Singapore banks begin to increase scrutiny of Chinese clients who hold citizenship in other countries.

Some banks have been reviewing new account openings and transactions by Chinese clients with "investment-related" passports, according to one person familiar with the matter.

At least one international bank is closing some accounts of clients with citizenship from countries including Cambodia, Cyprus, Turkey and Vanuatu.

Other banks in Singapore have begun assessing whether to accept new funds from clients with similar backgrounds based on the circumstances of the case.


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