Singapore's second-largest bank, OCBC Bank, will stop processing transactions related to Russia

ChainCatcher news, according to Bloomberg, Singapore's second-largest bank, OCBC Bank, will completely stop processing transactions involving Russia to reduce risks related to global sanctions. According to informed sources, this measure will officially take effect on November 1, 2024.

In recent weeks, OCBC Bank has notified all customer groups, including private banking clients, stating that due to operational challenges in managing regulatory compliance, the bank will implement this restriction. This decision covers all business units of OCBC Bank, including its private banking division.