Translate
19 March 2018
Standard Chartered Plc units were fined S$6.4mil (US$4.9mil) for failing to meet Singapore’s anti-money laundering requirements,
StanChart fined in Singapore for money laundering breaches
BANKING
Monday, 19 Mar 20186:17 PM MYT
HONG KONG: Standard Chartered Plc units were fined S$6.4mil (US$4.9mil) for failing to meet Singapore’s anti-money laundering requirements, less than two years after it was punished for a similar breach in the city-state.
The lender’s Singapore branch was ordered to pay S$5.2mil and its local trust unit was fined S$1.2mil by the Monetary Authority of Singapore. The breaches occurred when certain trust accounts were transferred from Guernsey to Singapore from December 2015 to January 2016, the MAS said in a statement on Monday.
The regulator found that risk management and controls in relation to the transfers were “unsatisfactory.” The timing raised questions over whether the clients were attempting to avoid their reporting obligations, the MAS said.
Regulators in Europe and Asia have been investigating the role that Standard Chartered staff may have played in transferring US$1.4bil of private bank client assets from Guernsey to Singapore before new tax transparency rules were introduced, Bloomberg reported in October.
‘Fell short’
“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,” Standard Chartered said in an emailed statement.
Chief Executive Officer Bill Winters has been struggling to resolve misconduct issues during his three-year tenure at the Asia-focused lender, some of which predate his appointment.
Standard Chartered received a similar penalty in Singapore in December 2016, when it was fined S$5.2mil for anti-money laundering lapses relating to 1Malaysia Development Bhd.
“We self-identified this issue,” Winters said when asked about the Guernsey matter at a news briefing in Hong Kong, speaking before the MAS announced the penalties.
“The important thing, apart from the fact that we recognized our own shortcomings, is that we’ve made the investment necessary to make sure that we don’t have to repeat this sort of event.” - Bloomberg
Read more at https://www.thestar.com.my/business/business-news/2018/03/19/stanchart-fined-in-singapore-for-money-laundering-breaches/#rJeUT8bF21yQrjQp.99
Popular Posts - Last 7 days
-
‘Alas pintu’ dengan gambar Kaabah sebenarnya sejadah mini - AEON BiG April 13, 2024 Susulan penularan gambar yang mendakwa penjualan ‘alas ...
-
Screenshot of a video shared by the public of the incident at the Kuala Lumpur International Airport (KLIA) Arrival Hall 1 on Sunday. SEPANG...
-
MAN DIES AS HIS BMW I7 CRASHES AND BURNS, WOMAN FRIEND SERIOUSLY INJURED A man died while his woman friend was seriously injured when the ca...
-
King expresses hope for increased investment from Chinese companies in Malaysia Bernama April 12, 2024 His Majesty Sultan Ibrahim presented...
-
Mohd Shuhaily said the suspect had two previous records for threats and another record for stealing and impersonating a civil servant. - BER...
-
Coach Maloney and FAM part ways after eight years Bernama Julai 13, 2022 The Football Association of Malaysia (FAM) has released under fir...
-
Malaysia detects 3,902 new COVID cases, 8 deaths Melissa Fernando ASTRO AWANi Julai 20, 2022 Malaysia detects 3,902 new COVID cases, 8 de...
-
Saudi says application for 1444 H umrah visa opens from today Bernama Julai 14, 2022 The Ministry of Haj and Umrah of Saudi Arabia has ann...
-
Summons discount offer on WhatsApp is fake - PDRM Bernama Julai 17, 2022 14:11 MYT Summons discount offer on WhatsApp is fake - PDRM The Ro...
-
Naz Empire's defamation lawsuit against Awal Ashaari to go to trial as mediation fails Bernama Julai 12, 2022 The defamation lawsuit f...
Popular Posts - Last 30 days
-
Saudi says application for 1444 H umrah visa opens from today Bernama Julai 14, 2022 The Ministry of Haj and Umrah of Saudi Arabia has ann...
-
Wan Saiful confirms he is no longer PTPTN chairman Bernama Julai 12, 2022 Bersatu Information chief Datuk Wan Saiful Wan Jan today confirm...
-
Kedah MB: ECK no longer part of Kulim airport project Bernama Julai 13, 2022 Muhammad Sanusi announced that the ECK Group of Companies (EC...
-
King presents appointment letters to four new envoys Bernama Julai 12, 2022 His Majesty presenting the letter of appointment to M'sian...
-
Following is BEST FBKL's selection of The Top Ramadan 2024 Buka Puasa Buffet's in Kuala Lumpur and the Klang Valley. We hope that y...
-
Naz Empire's defamation lawsuit against Awal Ashaari to go to trial as mediation fails Bernama Julai 12, 2022 The defamation lawsuit f...
-
Maybank Singapore withdraws lawsuit against NFC chairman, children over housing loans Bernama Julai 12, 2022 Maybank Singapore Limited has...
-
Paris court grants Malaysia's application to suspend claims by purported heirs of Sultan Jamalul Kiram II Bernama Julai 13, 2022 Dr Wa...
-
‘Alas pintu’ dengan gambar Kaabah sebenarnya sejadah mini - AEON BiG April 13, 2024 Susulan penularan gambar yang mendakwa penjualan ‘alas ...
Blog Archive
-
►
2023
(3771)
- December (311)
- November (322)
- October (286)
- September (288)
- August (365)
- July (349)
- June (372)
- May (316)
- April (279)
- March (301)
- February (245)
- January (337)
-
►
2022
(4309)
- December (352)
- November (422)
- October (288)
- September (281)
- August (347)
- July (303)
- June (335)
- May (406)
- April (341)
- March (371)
- February (390)
- January (473)
-
►
2021
(9030)
- December (636)
- November (647)
- October (809)
- September (797)
- August (880)
- July (894)
- June (747)
- May (780)
- April (580)
- March (629)
- February (643)
- January (988)
-
►
2020
(6800)
- December (819)
- November (698)
- October (832)
- September (729)
- August (548)
- July (558)
- June (615)
- May (394)
- April (368)
- March (453)
- February (439)
- January (347)
-
►
2019
(4089)
- December (411)
- November (425)
- October (375)
- September (279)
- August (397)
- July (353)
- June (326)
- May (315)
- April (266)
- March (318)
- February (293)
- January (331)
-
▼
2018
(4100)
- December (305)
- November (304)
- October (357)
- September (352)
- August (420)
- July (442)
- June (366)
- May (412)
- April (343)
- March (275)
- February (233)
- January (291)
-
►
2017
(3888)
- December (268)
- November (293)
- October (352)
- September (309)
- August (356)
- July (300)
- June (319)
- May (354)
- April (316)
- March (335)
- February (306)
- January (380)
-
►
2016
(4563)
- December (331)
- November (328)
- October (378)
- September (415)
- August (404)
- July (380)
- June (310)
- May (370)
- April (430)
- March (484)
- February (355)
- January (378)
-
►
2015
(4588)
- December (402)
- November (392)
- October (393)
- September (375)
- August (450)
- July (392)
- June (456)
- May (407)
- April (408)
- March (374)
- February (262)
- January (277)