UBS is reportedly strengthening its scrutiny of the sources of funds for clients in its Asian wealth management centers

UBS is reportedly strengthening its scrutiny of client fund sources at its rapidly growing Asian wealth center, requiring some clients to disclose more information to prevent further conflicts with regulators. According to informed sources, UBS has engaged Deloitte and KPMG to assist in reviewing client documents, primarily for clients in Singapore and Hong Kong, to look for signs of illegal activities such as money laundering. Due to confidentiality, the sources wished to remain anonymous. They stated that some jurisdictions have implemented stricter regulatory measures, and UBS's approach has become more rigorous. The sources noted that some inquiries can trace back to documents over a decade old, some of which are handwritten. The SGD 3 billion money laundering scandal that erupted in 2023 has affected both local and global banks, and Singaporean authorities have strengthened rules and scrutiny of financial services companies over the past year