SINGAPORE – Lawyers and tax consultants have urged banks to step up their compliance and monitoring processes in the light of the $1 billion money laundering case here, but to avoid the xenophobic trap of focusing only on Chinese customers.
They also disagreed with some market observers who said the case reflected a need for tougher scrutiny of Chinese family offices, which manage family wealth.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you