MAS Imposes Penalties on Standard Chartered Bank and Standard Chartered Trust for AML/CFT Breaches

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March 19 2018

The Monetary Authority of Singapore (MAS) announced today 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.