STANDARD CHARTERED FACES SINGAPORE FINE OVER ACCOUNT TRANSFER SCREENING FAILURES
March 1st, 2018
STANDARD Chartered Bank has been hit by another enforcement action over past anti-money laundering (AML) failures, with the Monetary Authority of Singapore (MAS) announcing today (March 19) that it was fining local subsidiaries Singapore dollars SGD6.54 million (USD4.85 million). The fines break down to SGD5.2 million on the Standard Chartered Bank, Singapore Branch (SCBS) and SGD1.2 million on Standard Chartered Trust (Singapore) Ltd (SCTS). These penalties have been imposed by the south-east Asian city state’s central bank over StanChart’s breaking MAS’ ...
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