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World


Asia's heightened illicit-money scrutiny to hit small wealth managers

By Sumeet Chatterjee and Saeed Azhar
HONG KONG/SINGAPORE, Jun 17 (Reuters) A crackdown on money laundering by Asia's main private banking centres is forcing wealth managers to spend more on compliance procedures and may prove too onerous for smaller players, industry executives said.
Regulators in Singapore and Hong Kong, Asia's biggest offshore wealth markets, have stepped up scrutiny of their wealth management industry in recent years, following their Western counterparts who have imposed billion-dollar fines on international banks for violating money laundering rules.
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