New guidelines to fight money laundering and financial crime in Singapore
Best practice papers put up case studies and red flags to help banks spot trade-based money laundering
Add BT as a preferred source
Singapore
TO LAUNDER money through round-tripping, a South Asian conglomerate used 10 subsidiaries to swiftly shift funds of no more than US$20 million each time over just two months between these units.
The subsidiaries were in parts of South-east Asia, South Asia, and the Middle East, and used at least one Singapore bank account to channel the funds in 2016 through the complex web of inter-company transfers.
TRENDING NOW
OCBC rolls out AI-native banking, to hire 600 relationship managers in wealth push
Can Vietnam’s small-business backbone survive a compliance squeeze – all at once?
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
High Court dismisses StanChart's appeal to strike out US$2.7 billion 1MDB-linked lawsuit
