Banks have duty to protect vulnerable customers

Banks have a duty by law to safeguard their customers' interests if employees spot "red flags" that suggest customers are being taken advantage of due to their vulnerability. ST FILE PHOTO
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SINGAPORE - Imagine that you are a bank manager and an elderly customer with close to $10 million in deposit turns up with a person to close her account and transfer all the money to a joint account under both names so that the younger customer can access the cash.

Alarm bells might ring, especially after you notice that both customers have different surnames and home addresses on their identity cards, suggesting that they may not be related.

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