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Singapore banks tighten checks of Chinese with other citizenships
By Low De Wei, Chanyaporn Chanjaroen & Andrea Tan / Bloomberg
21 Sep 2023, 11:43 am Updated – 04:03 pm
(Sept 21): Singapore banks are increasing scrutiny of some Chinese-born clients with other citizenships, following last month’s crackdown on money laundering involving more than S$2.4 billion (US$1.8 billion or RM8.23 billion) worth of assets that has rattled the Asian financial hub.
Some lenders have been reviewing new account openings and transactions with clients of Chinese origin carrying investment-linked passports, people with knowledge of the matter said. At least one international bank is closing some accounts of clients with citizenships from countries including Cambodia, Cyprus, Türkiye and Vanuatu, one of the people said, asking not to be identified as the information isn’t public.
Other lenders in the city state have started to evaluate whether to take fresh funds from clients with similar profiles on a case-by-case basis, said the people. The process is taking longer and more questions are being asked, the people added.
The moves, part of an extension of Singapore’s existing anti-money laundering framework, are happening after the Aug 15 island-wide raids that saw 10 wealthy people of Chinese origin arrested and charged. Police investigations unveiled more than S$2.4 billion worth of assets that have been seized so far, including cash, cryptocurrencies and properties.
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Judges have denied bail for the people after prosecutors cited flight risks related to their multiple passports. While they reside in Singapore, many are also alleged to be running illegal gambling businesses in other countries, according to the prosecution. Some of the suspects speak only Chinese but carry many travel documents including from Cambodia, Vanuatu, Cyprus and Dominica.
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