UBS Group is intensifying the examination of its clients’ funds within its wealth management hubs in Asia, with a particular focus on Singapore and Hong Kong, reported Bloomberg.
The bank is collaborating with accounting firms Deloitte and KPMG, to assist in scrutinising client records for any indications of unlawful activities, such as money laundering to reinforce its compliance framework.
The investment bank is adopting these stringent measures as it navigates an environment of strict regulatory requirements.
Part of the process involves revisiting client documents, some of which are over ten years old, including handwritten records.
This step by UBS follows a period of heightened regulatory enforcement in Singapore, where the financial sector has faced intensified scrutiny after a multi-billion-dollar money laundering scandal in 2023, which implicated several banks operating both locally and internationally.
While UBS and Deloitte have opted not to comment on the issue, there has been no response from KPMG to inquiries.
Iqbal Khan, who leads UBS’s operations in the Asia Pacific, is steering the bank through a period of growth while ensuring the integration of Credit Suisse’s former business and the elimination of accounts linked to potential criminal conduct.
UBS’s acquisition of Credit Suisse in 2023 has already resulted in the discontinuation of numerous smaller accounts that were once managed by the latter.
Both Deloitte and KPMG have been involved in various capacities with UBS on different assignments.
The report added that Singapore’s banks have been more cautious, especially when dealing with clients of Chinese descent who hold other nationalities.
In July 2025, the Monetary Authority of Singapore acted against several financial institutions and individuals for failing to comply with anti-money laundering regulations.
Last month, UBS reached a settlement in France over a case concerning allegations of assisting in tax evasion, agreeing to pay a substantial sum in fines and damages.
