May 7, 2016
The biggest banks here are in talks about setting up a system for sharing information on prospective clients in an effort to combat money laundering.
DBS Group, OCBC and UOB are exploring the possibility of a country-wide model for anti-money laundering and enhanced client knowledge, according to Ms Loretta Yuen, the head of legal and regulatory compliance at OCBC.
The model under review would see the three banks pool data at a newly created registry, according to people familiar with the matter, who asked not to be named because the talks are private.
The banks would use the information when deciding whether to approve applications for new accounts, the sources added.
The pilot project may start with corporate accounts, according to one of the sources.