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MAS fines StanChart units S$6.4m for breach of money laundering, terror financing rules

Bank proactively reported breaches to authorities; says no assets or money involved in transfer of trust accounts

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The Monetary Authority of Singapore has imposed penalties of S$5.2 million on Standard Chartered Bank, Singapore Branch (SCBS) and S$1.2 million on Standard Chartered Trust (Singapore) Ltd (SCTS) for breaching its anti-money laundering and countering of financing terrorism requirements.

Singapore

THE Monetary Authority of Singapore has imposed penalties of S$5.2 million on Standard Chartered Bank, Singapore Branch (SCBS) and S$1.2 million on Standard Chartered Trust (Singapore) Ltd (SCTS) for breaching its anti-money laundering and countering of financing terrorism

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