StanChart entities fined $6.4 mil for anti-money laundering and counter terrorism financing breaches

SINGAPORE (Mar 19): The Monetary Authority of Singapore (MAS) has imposed penalties totalling $6.4 million on two Standard Chartered entities in Singapore for the breach of the central bank’s anti-money laundering and countering the financing of terrorism (AML/CFT) requirements.

Specifically, Standard Chartered Bank, Singapore Branch (SCBS) was fined $5.2 million for 21 breaches whiile Standard Chartered Trust (Singapore) (SCTS) was fined $1.2 million for 12 breaches.   

In a Monday statement, MAS says the breaches occurred when the trust accounts of SCBS’s customers were transferred from Standard Chartered Trust (Guernsey) to SCTS over the period between Dec 2015 and Jan 2016.

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