UBS Tightens Client Scrutiny in Singapore, Hong Kong
Swiss banking giant UBS is reportedly tightening scrutiny of client funds in Singapore and Hong Kong, in collaboration with Deloitte and KPMG.
UBS is tightening scrutiny on the sources of client wealth in Singapore and Hong Kong, according to a «Bloomberg» report citing unnamed sources. It is asking clients for greater disclosures while working with Deloitte and KPMG to help screen client documentation for signs of illicit activities, including money laundering. Efforts have been applied to both hubs, though mainly in Singapore.
In July this year, the Monetary Authority of Singapore fined nine financial firms over anti-money laundering lapses linked to the record S$3 billion scandal. Credit Suisse saw the largest penalty at S$5.8 million ($4.5 million) while UBS was also fined S$3 million.
In the first half of 2025, total invested assets across UBS' wealth and asset management divisions surpassed $1 trillion in Asia Pacific for the first time ever. The region was also the first to fully integrate all of Credit Suisse's clients at the end of 2024.
