ChainCatcher news, according to Bloomberg citing informed sources, Citigroup, DBS Group Holdings Ltd., and several other banks are increasing their scrutiny of wealthy clients and potential clients after being implicated in Singapore's largest money laundering scandal, in order to avoid exposure to illegal fund flows.Informed sources stated that private bankers at several institutions are also undergoing additional training to help them identify the means used by criminals to conceal their backgrounds and sources of funds. These sources requested anonymity as they are discussing private matters.These voluntary measures indicate that lending institutions are working to close loopholes that previously allowed a group of criminals to launder over S$3 billion (approximately US$2.23 billion) in online gambling proceeds through at least 16 financial institutions in Singapore. This scandal has damaged Singapore's reputation and exposed weaknesses in local and foreign banks and brokerage firms in screening clients.The Monetary Authority of Singapore recently completed on-site inspections of some of the banks involved. Informed sources indicated that banks with the most transactions with these criminals (including deposit accounts, loans, and other financial services) are expected to face fines and other penalties after the financial regulators complete their review.

ChainCatcher news, according to Singapore's Business Times, following last month's crackdown on money laundering activities involving assets worth over 2.4 billion Singapore dollars, banks in Singapore are strengthening their scrutiny of clients born in China but holding other nationalities.Informed sources indicate that some banks have been reviewing new account openings and transactions involving Chinese clients with investment-related passports. At least one international bank is closing accounts of clients who hold citizenship from countries such as Cambodia, Cyprus, Turkey, and Vanuatu. Other banks in Singapore have begun to assess whether to accept new funds from clients with similar backgrounds on a case-by-case basis, a process that takes longer.It is reported that at least 10 local and international banks in Singapore are involved in this high-profile money laundering scandal, raising concerns about their efficiency in combating illegal profits. Singaporean Members of Parliament raised over 30 questions in Parliament this week, covering issues such as the rigor of their review processes, suspicious transaction reporting, and the impact on Singapore's reputation as a wealth center.