Bankers are being trained to better spot customer red flags.
are ramping up scrutiny of their wealthy customers and potential clients to avoid exposure to illicit flows, according to people familiar with the matter.
The Monetary Authority of Singapore recently completed on-site inspections of some banks that were involved in the case. The assets seized by the authorities included cash, gold bars, jewellery, cars, and residential and commercial properties.MAS inspected several banks at their premises and interviewed staff to identify potential weaknesses in their compliance checks.
The 10 convicted individuals were linked to accounts across 16 financial institutions operating in Singapore that held more than $370 million in deposits and investments.At Citi, wealth bankers have been given a month to complete training that covers money-laundering red flags, according to one of the people.
“Citi provides regular training to all staff on various topics including anti-money laundering,” a bank spokesperson said. “We are committed to ensuring that our staff are informed of emerging risks and potential issues to better serve our clients.” Zhang, who had about $131 million in assets seized, moved his funds from mainland China to Singapore via Hong Kong, and forged documents to deceive his banker at Malaysian lender CIMB Group Holdings, according to the police report. He pleaded guilty and was sentenced to 15 months in jail., who had the most assets seized in the arrests, had $76 million at Credit Suisse in personal accounts, as well as those of his wife and related firms.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Food hunt at Singapore theme parks: Science Centre SingaporeYou know what to expect at our local theme parks, but what about the food? Our team of taste explorers take you on a wild ride through Singapore’s awesome theme parks and their culinary offerings. We're on a mission to uncover the unique flavours that make each theme park a gastronomic adventure too. Today, we explore Science Centre Singapore! Do..
Read more »
Chinese national arrested in S’pore for creating malware that allowed criminals to steal billionsProperties subject to seizure include a Singapore condominium unit and a Singapore-registered Ferrari.
Read more »
SQ321 plane returns to Singapore 5 days after turbulence incidentSINGAPORE - The Singapore Airlines (SIA) plane which experienced severe air turbulence on May 21, resulting in one death and several injuries, returned to Singapore on May 26, after being cleared for departure.
Read more »
Aircraft that operated SQ321 returns to Singapore from BangkokSINGAPORE: The Singapore Airlines (SIA) aircraft that operated turbulence-hit flight SQ321 returned to Singapore on Sunday (May 26), five days after it made an emergency landing in Bangko
Read more »
NDP 2024: Flying of kites and drones forbidden over some areas in coming monthsSINGAPORE: Ahead of this year’s National Day Parade (NDP), the Civil Aviation Authority of Singapore (CAAS) will be establishing temporary restricted areas over parts of Singapore on selected days in M
Read more »
One person dead after severe turbulence on London-Singapore SIA flightSINGAPORE — One person has died after a Singapore Airlines (SIA) flight from London to Singapore encountered severe turbulence, the carrier said on Tuesday (May 21).
Read more »