Singapore's regulator is sanctioning Standard Chartered over the transfer of private bank money from a trust in Guernsey to the city-state shortly before data-sharing arrangements came into effect.
The Monetary Authority of Singapore, or MAS, fined Standard Chartered a total of S$6.4 million for breaches of anti-money laundering and countering the financing of terrorism requirements, the regulator said in a statement on Monday.
MAS didn't disclose the specifics of the probe, which is reportedly tied to the transfer of $1.4 billion of Indonesian money, some with ties to the country's military. Standard Chartered staff had raised alarm about the timing of the move – before automatic data-sharing pacts kicked in in Guernsey – as well as whether the source of money had been fully evaluated.
MAS Lauds Bank
The regulator said it took into account Standard Chartered's proactive notification that it was reviewing the trust account. MAS also lauded the bank's management in Singapore for «strong commitment to address the deficiencies», which occurred just two years ago.
Both Standard Chartered's branch in Singapore as well as its trust firm «have taken prompt and substantive remedial measures to strengthen their anti-money laundering and combating of financial terrorism risk management and controls,» MAS said.
