S$ 6,4 million Penalties on Standard Chartered Bank and Standard Chartered Trust for AML/CFT Breache

The Monetary Authority of Singapore (MAS) announced that it 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) Limited (SCTS). The penalties were for breaches of MAS’ anti-money laundering and countering the financing of terrorism (AML/CFT) 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.

To read the whole Enforcement Action, click here.