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INSIGHT: Singapore banks scrutinise China, Turkey, Caribbean and Cyprus customers in wake of $2.4BN AML scandal; accounts being closed, CDD taking four months

A court illustration of the 10 foreigners accused of involvement in the massive money laundering scandal in Singapore (clockwise from top left) Su Baolin, Su Haijin, Chen Qingyuan, Su Wenqiang, Lin Baoying, Zhang Ruijin, Wang Dehai, Su Jianfeng, Vang Shuiming and Wang Baosen. The Straits Times Illustrations/Cel Gulapa via REUTERS/File photo

SINGAPORE banks have stepped up scrutiny of customers from a range of countries including China and re-doubling processes to identify the sources of wealth in the wake of the S$2.4bn (US$1.8bn) money-laundering scandal.

Banks are focusing on customers from countries including China, Vanuatu, Turkey, St Kitts and Nevis, Dominica and Cyprus.

The probe has widened to include banks, precious metals dealers, real estate agents and golf clubs. The government has also faced scrutiny about the case and how such lapses happened despite strict AML laws.

Lenders have also told customers the waiting period to open a

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