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.
Singapore banks are increasing scrutiny of some Chinese-born clients with other citizenships, following last month’s crackdown on money laundering involving more than $2.4 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 citizenship from countries including Cambodia, Cyprus, Turkey and Vanuatu, one of the people said, asking not to be identified as the information isn’t public.
