Standard Chartered fined $5.2 million over money laundering breaches

SINGAPORE – The Monetary Authority of Singapore (MAS) imposed penalties of $5.2 million on the Singapore branch of Standard Chartered Bank and $1.2 million on Standard Chartered Trust (Singapore) Ltd for anti-money laundering breaches and countering financing of terrorism requirements.

In a statement on Monday, 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.

Standard Chartered said in a statement: “We regret that 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 and January 2016.”