CONTACT US

For any general inquiries, please fill in the following contact form:

Our websites never use cookies or other technologies such as pixel tags and web beacons. We only retain personal information when the contact section of our websites is filled. To proceed and get in touch with us through this format please read our Terms & Conditions, updated to be in line with the provisions of the GDPR, and tick this box to consent in us retaining the above information for contacting purposes only.

SUBMIT

Singapore fines Standard Chartered entities 2.83 million pounds for money laundering breaches

Singapore fines Standard Chartered entities 2.83 million pounds for money laundering breaches

SINGAPORE (Reuters) - Singapore’s central bank imposed penalties of S$5.2 million (2.83 million pounds) on Standard Chartered Bank (SCBC) (STAN.L) and S$1.2 million on Standard Chartered Trust (Singapore) (SCTS) for breaching money laundering rules and terrorism financing safeguards.

In a statement on Monday, the Monetary Authority of Singapore (MAS) said the breaches occurred when trust accounts of SCBS’ customers were transferred from Standard Chartered Trust (Guernsey) to SCTS from December 2015 to January 2016.

“MAS requires financial institutions to adequately assess money laundering risks when deciding whether to accept customers. They should also have in place good systems and processes to monitor customer transactions,” said MAS Deputy Managing Director Ong Chong Tee.

The MAS and Guernsey’s Financial Services Commission had been looking into Standard Chartered’s movement of some assets, mainly of Indonesian clients in late 2015, just before the Channel Island adopted new global rules on exchanging tax information.

“The timing of the transfers raised questions of whether the clients were attempting to avoid their CRS reporting obligations. However, SCBS and SCTS did not adequately assess and mitigate against this risk factor, and also failed to file suspicious transaction reports in a timely manner,” MAS said.

In a statement, Standard Chartered conceded that it fell short of its own standards to mitigate risks but said it was taking action to rectify these deficiencies.

“We ourselves identified the issue, we recognised that we weren’t as diligent as we needed to be in the transfer of some trust assets from Guernsey to Singapore,” Standard Chartered’s CEO Bill Winters said at Credit Suisse’s annual Asia Investment Conference in Hong Kong on Monday. “We reported both our own shortcomings and also the action of our clients to the MAS,”

“The important thing...is we are making investments necessary to make sure there is no repeat,” he said.

Standard Chartered said in 2016 that it was to close its trust operations in Guernsey and centralise that part of its business in Singapore.

($1 = 1.3177 Singapore dollars)

($1 = 1.3176 Singapore dollars)

Source: www.reuters.com

MORE NEWS

Watchdog berates PwC over 'misleading' BHS accounts

Watchdog berates PwC over 'misleading' BHS accounts
Regulator criticises accountant for signing off ‘unrealistic’ forecasts before sale of retailer.BHS’s accounts were misleading and featured ...

Serious Fraud Office suspends lawyer in charge of Unaoil investigation

Serious Fraud Office suspends lawyer in charge of Unaoil investigation
The senior lawyer in charge of an ongoing criminal investigation into Monaco-based oil firm Unaoil has been suspended. Tom Martin, the ...

Switzerland's ZKB to pay $98 million to end U.S. probe of tax evasion

Switzerland's ZKB to pay $98 million to end U.S. probe of tax evasion
NEW YORK (Reuters) - Swiss lender Zuercher Kantonalbank (ZKB) [ZKB.UL] has agreed to pay about $98 million to resolve a U.S. investigation ...

Who's behind the blog

Who's behind the blog

SOCIAL MEDIA