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Banks’ compliance ‘nightmare’ started even before police raid in billion-dollar money laundering case
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MAS has been collaborating closely with the CAD to identify potentially tainted funds and assets in the financial system and prevent them from being disposed of.
ST PHOTO: LIM YAOHUI
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SINGAPORE - Senior management and compliance teams at major banks in Singapore were scrambling and pulling longer hours even before police arrested 10 foreigners on Aug 15 for alleged money laundering.
Bank officers, who spoke to The Straits Times on condition that they are not identified, said their “nightmare” began before the massive police raid as the authorities had given a list of names to financial institutions for searches, verifications and reviews.
