OCBC discriminates against opposition politician??

[droopal]

Originally posted in TRE
By Glenda Han

"OCBC discriminates against opposition politician?

Not been in good health the last few months so have not been too active here. Hope everyone would be understanding about this.

On a another note, there was an incident I thought I’ll relate here. I was quite surprise to receive a phone call from OCBC regarding a savings account I had opened a few days ago. A staff from the bank called me a day after I had done that and asked to verify if I am also known as Glenda. After asking me 2-3 times about my name as Glenda, which I affirmed repeatedly, she asked if I am from Workers’ Party. Again I affirmed her question and all she said was “Ok, thank you.”

I had to quickly stop her from hanging up to ask why she is asking those questions. She said something like they have to verify my identity in order to approve the opening of the savings account. I was puzzled and asked if those should have been done when I was at the counter and not a day later after I have left the bank. She apologised saying her colleague had overlooked that. I had to further ask what is the current status then since the account is apparently not approved yet and I had already left some money etc with them for it and she replied that she has to write a report first before she can let me know if the account is approved.

I can understand that banks or any organisations for that matter, need to verify a person’s identity or carry out certain checks on the person. But I am bewildered at how she posed the question about my affiliation to Workers’ Party to me so blatantly and without much explanation. It almost feels discriminatory, doesn’t it?

.

Glenda Han

[Source]: Glenda Han’s Facebook – http://www.facebook.com/glenda.han"


-----------------------
Curious:
October 21, 2012 at 7:35 pm (Quote)

Opening account in OCBC also need to check if you are an opposition member? How incredulous! How the hell is going on? I demand OCBC give a proper account on this matter.

------------------------
Advice:
October 21, 2012 at 6:52 pm (Quote)

All the banks in Singapore come under the regulation of the MAS. If the Singapore government wants to monitor the financial accounts of anyone, it is theoretically possible and quite easy to do so with modern computer technology. Savings accounts, cheque books, Atm cards, debit cards and credits cards can all be monitored using the excuse of tackling financial fraud and for the customer’s self protection.

Basically, if you rely on the banks too much, your financial privacy will be open to the banks for scrutiny. Under non-democratic regimes, financial monitoring of political opponents is quite normal. If you still need to open a normal saving account in Singapore, I will suggest that you try an international bank from a country that have a history of bad blood with Singapore. At least the chances of that bank breaking the banking privacy of Singaporeans will be lessen.

-----------------

Righteous Voter:
October 21, 2012 at 9:38 pm (Quote)

You all have choices ; Citibank, Maybank, China Construction Bank, Bank Of China, UOB, and BOA.
And all of you can “GangBank” tomorrow to wihdraw any savings from OCBC.

---------------------

 

[scroobal]

Can't wait for OCBC to reply. I suspect that they stretching the PEP definition too much as part of the Know Your Customer due diligence a bit too far. It meant for senior political figures and their families.

 

[kukubird58]

hahaha....again trying to make a mountain out of a molehill.......
a staff called to verify something....casually asking if she is from WP.
like that also must ask the bank to explain.......typical opportunist at work.
glenda should be glad that she has becum a "known" opps figure...how does this episode showed that OCBC discriminates against opps party.

 

[Leepotism]

What a tactless big company!

 

[lee6100]

Can't wait for OCBC to reply. I suspect that they stretching the PEP definition too much as part of the Know Your Customer due diligence a bit too far. It meant for senior political figures and their families.

Laksaboy's Chart explains it all:



LKY surrounds himself with people linked to OCBC:

1. Teo Chee Hean's father Teo Cheng Guan worked for Tan Chin Tuan and was the Chairman of Oversea-Chinese Banking Corporation (OCBC) from 1989 to 1991.

2. Yong Pung How was appointed Chairman and CEO of OCBC in 1986.

3. Lee Seng Wee was Chairman of OCBC 1995 to 2003, GIC Board Member 1984 to 2003.

 

[tanwahp]

Can't wait for OCBC to reply. I suspect that they stretching the PEP definition too much as part of the Know Your Customer due diligence a bit too far. It meant for senior political figures and their families.

Politically Exposed Persons? It should cover political parties with seats in parliament. Glenda Han is making a big fuss over nothing I feel. These are things that Chee make noise over. If a CEC member of the only other party with elected seats is not important enough, I don't know what to say.

 

[captainxerox]

ocbc checking for banking irregularities, undeclared political donations tax evasion or gasp, money laundering, to remain in pap good books!

she must pressure for ocbc clarification!

 

[ChewCheng]

With does PEP stands for?

Can't wait for OCBC to reply. I suspect that they stretching the PEP definition too much as part of the Know Your Customer due diligence a bit too far. It meant for senior political figures and their families.

 

[cunnilaubu]

hahaha....again trying to make a mountain out of a molehill.......
a staff called to verify something....casually asking if she is from WP.
like that also must ask the bank to explain.......typical opportunist at work.
glenda should be glad that she has becum a "known" opps figure...how does this episode showed that OCBC discriminates against opps party.

Looks like you have not read her account clearly..... having to write a report afterward is not a small matter nor can it be interpreted as "casually asking".

I had to further ask what is the current status then since the account is apparently not approved yet and I had already left some money etc with them for it and she replied that she has to write a report first before she can let me know if the account is approved.

 

[ThePlen]

if i'm the bank teller, i'm prepared to lose my job

 

[Goh Meng Seng]

The order wasn't from OCBC but from MAS to every banks in Singapore to monitor the bank accounts of opposition members who have contested in GEs.

This is pretty quite absurd and blatant discriminatory practice by MAS.


Goh Meng Seng

Can't wait for OCBC to reply. I suspect that they stretching the PEP definition too much as part of the Know Your Customer due diligence a bit too far. It meant for senior political figures and their families.

 

[cunnilaubu]

With does PEP stands for?

Politically Exposed Person.

My understanding is that in the commercial context, especially to US & European MNCs which has business dealings across the world, checking PEP link on its local vendors, distributors, etc are part of due diligence process. This is very much to doing with the US FCPA & UK Bribery Act than anything else.

This is done to establish whether those that they deal with has any link to people currently in power or who has influence on the government so that mitigating actions can be taken. Certainly not on a member of a small opposition party which has no influence on a large section of the population let alone government officials / policies.

Maybe things work differently in Sinkieland.

 

[scroobal]

The PEP element is a key weapon in fighting corruption in govt and politics. It has been rolled across major banks in nearly all countries. The intention is to stop dirty money reaching corrupt politicians and they using their accounts for nefarious purposes. It is also to catch corporation and companies funnelling slush funds , offering bribes to politicians and families.

The due diligence for new accounts at front line will require some vetting. The instructions to staff is to tag all politicians big and small for referrals. The Compliance team will decide their final status and if the account can be approved. The reason they asked is she was from WP is to confirm that she is indeed a politician. And the only way is to ask if she indeed the same Glenda from WP. The smarter bank would have checked the electoral records to match the IC without alerting the applicant.