Singapore fines Standard Chartered over money laundering breaches

A pedestrian walks past a branch of Standard Chartered bank in Hong Kong on February 23, 2016.

Philippe Lopez | AFP | Getty Images

A pedestrian walks past a branch of Standard Chartered bank in Hong Kong on February 23, 2016.

The Monetary Authority of Singapore (MAS) imposed penalties of S$5.2 million ($3.95 million) on the Singapore branch of Standard Chartered Bank (SCBC) as well as S$1.2 million on Standard Chartered Trust (Singapore) Ltd (SCTS) for anti-money laundering breaches as well as countering financing of terrorism (AML/CFT) requirements.

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

Standard Chartered said in a statement: “We regret in which we fell short of our own standards in adequately mitigating the risks involving some clients who might have attempted to avoid reporting obligations under the Common Reporting Standard by transferring their trusteeships between December 2015 as well as January 2016.”

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