BSI closure shines spotlight on due diligence

Private banks were scrambling to review client lists following the Panama Papers leak, even before news of the BSI closure emerged. A raft of new regulations has been tipped.

Private banks, already on high alert following the Panama Paper leaks, are tipped to review their client bases even more closely on news Tuesday that BSI Bank will close in Singapore. These events have reinforced the realisation that wealth managers must be far more aware of the source of customer funds, note industry observers.

“Private banks are frantically going through their client lists in the region and looking for hidden risks,” said a Singapore-based risk consultant. “They are also being incredibly careful about who they onboard now as clients, given that potential revenues often do not outweigh rising compliance risks these days.”

However, private banks are...

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