Singapore: Banks Discuss Cooperation to Fight Money Laundering
07 May 2016

Singapore’s biggest banks are in talks about setting up a system for sharing information on prospective clients, in an effort to combat money laundering in the city-state.

DBS Group Holdings Ltd., Oversea-Chinese Bank Corp. and United Overseas Bank Ltd. are exploring the possibility of a countrywide model for anti-money laundering and enhanced client knowledge, according to Loretta Yuen, the head of legal and regulatory compliance at OCBC. The bank believes the new model “will bring significant control and operational efficiency benefits to the industry and Singapore,” Yuen said by e-mail, adding that it’s premature to discuss details of the initiative.

The model under review would see the three banks pool data at a newly-created registry, according to people familiar with the matter, who asked not to be named because the talks are private. The banks would use the information when deciding whether to approve applications for new accounts, the people added.

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