StanChart Singapore Fined for Money Laundering Related Offences

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The Monetary Authority of Singapore fined the local units of the British Standard Chartered Bank (SCB) for 6.4 million Singapore dollars (SGD $ 4.8 million) for violating legislation to combat money laundering and countering the financing of terrorism.

In particular, the branch of Standard Chartered Bank was fined for 5.2 million Singapore dollars (SGD $ 3.9 million), the trust fund Standard Chartered – for 1.2 million Singapore dollars (SGD $910 thousand).

As noted, the violation occurred from December 2015 to January 2016 when certain trust accounts were transferred from Guernsey to Singapore.