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    <p>Banks in <a rel="noopener noreferrer nofollow" title="Singapore" href="https://thebittimes.com/tag/singapore.html">Singapore</a> are closing accounts, demanding more verification, and increasing the amount of time it takes to become a customer as they tighten regulations in the wake of the apparent HK$2 billion ($255 million) <a rel="noopener noreferrer nofollow" title="JPEX" href="https://thebittimes.com/tag/jpex.html">JPEX</a> <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> fraud.</p>
    <p>According to sources cited by Reuters, banks, including Oversea-Chinese Banking Corp Ltd (OCBC), Citigroup, and the United Overseas Bank (UOB), responded to the scandal by increasing client due diligence checks and stretching the time it takes to open an account to more than three months.&nbsp;</p>
    <p>Only “high-quality clients with good profiles and substantial assets under management” can reportedly open a private bank account <strong>within the traditional one to three-month timeframe</strong>, a <a rel="noopener noreferrer nofollow" title="Singapore" href="https://thebittimes.com/tag/singapore.html">Singapore</a>an bank wealth manager said speaking to Reuters.&nbsp;</p>
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       Seven more arrested and another supercar seized over JPEX scandal
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    <p><em>Read more:&nbsp;Troubled crypto exchange JPEX says it could relaunch as DAO after probe</em></p>
    <p>The Monetary Authority of <a rel="noopener noreferrer nofollow" title="Singapore" href="https://thebittimes.com/tag/singapore.html">Singapore</a> claimed that these measures are nothing new and said, “Given the attributes and size of their transactions, high-net-worth individuals are often subjected to more stringent <a rel="noopener noreferrer nofollow" title="checks" href="https://thebittimes.com/tag/checks.html">checks</a> by financial institutions.”</p>
    <p>The OCBC said the bank is devoting “significant” resources in its effort to prevent illicit transactions, Citigroup claims it’s “<strong>committed to the fight against money laundering</strong>,” and the UOB said it was ensuring robust <a rel="noopener noreferrer nofollow" title="checks" href="https://thebittimes.com/tag/checks.html">checks</a> in its due diligence.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/singapore-banks-increase-checks-amid-jpex-crypto-exchange-fallout-tbt65690.html">https://thebittimes.com/singapore-banks-increase-checks-amid-jpex-crypto-exchange-fallout-tbt65690.html</a></p>

Singapore banks increase checks amid JPEX crypto exchange fallout

TheBitTimes

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