Subscribers

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

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 requirements.

These breaches occurred when trust accounts of SCBS' customers were transferred from Standard Chartered Trust (Guernsey) to SCTS from December 2015 to January 2016, said MAS on Monday.

MAS said it found SCBS' and SCTS' risk management and controls in relation to the transfers to be unsatisfactory.

The transfers occurred shortly before Guernsey's implementation of the Common Reporting Standards (CRS) for...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes