Cost of weeding out criminals and tax cheats hits private banks

Private banks managing the financial affairs of the world’s wealthy face spending millions of dollars every year on vetting new clients, as regulators get tough on banks that harbour tax cheats and money launderers.

While the world’s rich are getting wealthier and putting more money into private banks, a growing proportion of the cash is from geo-political troublespots in the Middle East and Asia.

via Business feed http://www.scmp.com/business/banking-finance/article/1288275/cost-weeding-out-criminals-and-tax-cheats-hits-private