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.
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.
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