Money Centers Too Fuss Over Reputation

Singapore does not need to burnish its regulatory stature. Yet officials may have been looking to prove their grit, given the fallout from the Panama Papers and the specter of terrorist financing. They found it in spades with oversight lapses at the local arm of BSI, a Lugano-based private bank. The Singapore branch is now shuttered. Considering that the Swiss firm has already been acquired by a competitor, the forced closure is largely symbolic, emphasizing that authorities will not gamble with their global standing. The months ahead should be lively for those who track compliance issues. Singapore just raised the bar for the Caribbean and Middle East, among other wealth centers.

Learn more at Asia Sentinel.

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Image shows Singapore skyline. Credit: PhilBird at Can Stock Photo Inc.