Day: September 21, 2023

Written by FinCrime

Singapore Banks Raise Checks of Chinese With Other Passports

Reported by Low De Wei, Chanyaporn Chanjaroen, and Andrea Tan Singapore banks are increasing scrutiny of some Chinese-born clients with other citizenships, following last month’s crackdown on money laundering involving more than S$2.4 billion ($1.8 billion) worth of assets that has rattled the Asian financial hub. Some lenders have been reviewing new account openings and transactions with […]

Written by FinCrime

Developing and Implementing an Effective Sanctions Compliance Program

Reported by Nick Oberheiden Financial institutions and companies that are subject to oversight from the Office of Foreign Assets Control (OFAC) need to prioritize compliance. OFAC has become increasingly active in recent years, and it is devoting substantial government resources to identifying illicit activity and pursuing enforcement action against institutions and companies that engage in […]