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StanChart says it reviewed transfer of funds, 'proactively' notified authorities
STANDARD Chartered Bank (StanChart) conducted a full account review of trust structures at the centre of a transfer of US$1.4 billion of funds and proactively made a report to the relevant authorities, the lender said on Tuesday.
The bank was responding to news reports that Indonesia is probing allegations about the bank moving about US$1.4 billion of assets to Singapore in 2015 from Guernsey just before the Channel Island implemented tax transparency rules. Those assets were allegedly held on behalf of Indonesian clients.
An earlier report by Bloomberg said that regulators in Europe and Asia are also looking into the matter.
The Monetary Authority of Singapore (MAS) on Monday said that it takes a serious view of and will take firm action against any financial institution or individual found to have breached its requirements relating to anti-money laundering (AML) and countering the financing of terrorism (CFT).
The MAS said on Monday: "As our supervisory probe is still ongoing, we are unable to provide more information at this juncture."
StanChart's spokesman said that the bank is working closely with regulators, and therefore is unable to provide any more information.