Odaily Planet Daily News Singapore banks are stepping up scrutiny of Chinese customers holding citizenship of other countries after cracking down on money laundering involving assets worth more than S$2.4 billion.
Some banks have been scrutinizing new account openings and transactions by Chinese customers holding "investment-related" passports, according to a person familiar with the matter. At least one international bank is closing the accounts of customers with citizenships of Cambodia, Cyprus, Turkey and Vanuatu. Other banks in Singapore have already begun evaluating whether to accept new funds from customers with similar backgrounds on a case-by-case basis. (THE BUSINESS TIMES)