SINGAPORE – Lawyers and tax consultants have urged banks to step up their compliance and monitoring processes in the light of the $1 billion money laundering case here, but to avoid the xenophobic trap of focusing only on Chinese customers.

       They also disagreed with some market observers who said the case reflected a need for tougher scrutiny of Chinese family offices, which manage family wealth.

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       Money laundering Internet crimes and scams Private banking/Wealth management MAS/Monetary Authority of Singapore Acra/Accounting and Corporate Regulatory Authority

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       Weak link in anti-money laundering efforts is compliance, not family offices: Experts

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       Weak link in anti-money laundering efforts is compliance, not family offices: Experts

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