UBS Group AG is increasing scrutiny of the sources of client money in its fast-growing Asian wealth hubs, pressing some customers into greater disclosures as the Swiss bank seeks to stamp out the risk of further clashes with regulators.
The Zurich-based lender is using Deloitte and KPMG to help screen client documentation, mainly in Singapore but also in Hong Kong, for any signs of illicit activities including money laundering, people familiar with the matter said. UBS is taking a more disciplined approach amid tougher rules in some jurisdictions, the people said, asking not to be named as the details are ...
