Are you subject to enhanced due diligence ?

[kopiuncle]

When you open a savings/current account at a local bank, are you subject to enhanced due diligence? Do they ask about your political affiliation? Have you been under close scrutiny before the bank approve ?

Read this in cyberspace.....

In Singapore, Political Exposed Persons are subjected to enhanced due diligence. This is consistent with
global standards as a political person generally represents a higher risk for involvement in corruption.

Most financial institutions take on higher compliance risks by performing enhanced monitoring of accounts.
This is common knowledge to all financial advisers and general knowledge to most Singaporeans. The entry exam to a financial position, known as the Module 5 exam, administered by the Singapore College of Insurance reflects this clearly in the textbook.

The intention of the enhanced due diligence is to protect Singapore and Singaporeans from risk of bribery and corruption.

 

[hylambobat]

Happily enough no. I wasnt even aware such a procedure was in existence.

 

[hylambobat]

Thank you very much for the anonymous upz , I would like the acknowledge you.