Singapore banks’ red flags? No English, from Guangdong or Fujian with Hong Kong links

Private bankers at several institutions are also receiving additional training to help them spot tricks used by criminals to mask their backgrounds and sources of funds, said the people, who asked not to be identified discussing private matters.

The Monetary Authority of Singapore recently completed on-site inspections of some banks that were involved in the case. Lenders that had the most dealings with the criminals – through deposit accounts, loans and other financial services – are expected to face fines and other punitive measures from the financial regulator after its review concludes, some of the people said.

The assets seized by authorities included cash, gold bars, jewellery, cars, and residential and commercial properties. All 10 of the accused have pleaded guilty, and nine of them have been sentenced to prison for 13 to 16 months. The final one will be sentenced on Monday. Another 17 people are under investigation and remain at large.

The Monetary Authority of Singapore inspected several banks at their premises and interviewed employees to identify potential weaknesses in their compliance checks. The banks linked to the case did more than take deposits: some lent to the criminals’ locally incorporated businesses, arranged mortgages or helped them with investments, according to court documents.

The financial regulator also asked banks that weren’t linked to the case to have their know-your-customer measures reviewed by outside consultants, some of the people familiar with the matter said.

The 10 convicted individuals were linked to accounts across 16 financial institutions operating in Singapore that held more than S$370 million in deposits and investments. The banks that held the most assets include Credit Suisse,