BSI closure set to fuel more client scrutiny

Private banks, already on high alert following the Panama Paper leaks, are tipped to review their client bases even more closely on news 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 als…