Singapore asks banks to probe ties with laundering suspects

SINGAPORE (Bloomberg): Singapore’s central bank has directed financial institutions to review any relationships with individuals tied to a money laundering scandal involving over S$1.8 billion (US$1.3 billion) of assets.

The Monetary Authority of Singapore sent a note to the compliance heads of all financial firms in the city-state to examine any suspicious or unusual transactions by the people from the beginning of 2020, according to a copy of the Aug. 30 instruction seen by Bloomberg News.