Illustrative image (Source: VNA) Singapore (VNA) - The Monetary Authority of Singapore (MAS) announced on March 19 it has imposed fines of 5.2 million SGD (about 3.95 million USD) on the Singapore branch of Standard Chartered Bank (SCBS), and 1.2 million SGD (about 910,000 million USD) on Standard Chartered Trust (Singapore) Limited (SCTS). Xinhua news agency quoted a MAS press release as saying it found that the risk management and control of SCBS and SCTS in relation to the transfers of trust accounts of SCBS customers from Standard Chartered Trust (Guernsey) to SCTS from December 2015 to January 2016 were loose. MAS said the and SCTS did not adequately assess and mitigate risks, and also failed to file suspicious transaction reports in a timely manner for those transfers that occurred shortly before Guernsey’s implementation of the Common Reporting Standards (CRS) for the Automatic Exchange of Financial Account Information in Tax Matters. It said the timing of the transfers raised questions of whether the clients were attempting to avoid their CRS reporting obligations. The press release quoted MAS Deputy Managing Director Ong Chong Tee as saying that the authority requires financial institutions to adequately assess money laundering risks when deciding whether… Read full this story
- Standard Chartered: Vietnam stands out in ASEAN trade growth
- Standard Chartered: Vietnam's economy remains the fastest in ASEAN
- Vietnam’s outlook & Standard Chartered’s strategy
- Banking chiefs at HSBC and Standard Chartered pull out of Saudi conference
- Standard Chartered offers insights on regional growth strategies for mid-corporates
- Vietnam stands out as ASEAN trade growth success story: Standard Chartered
- Standard Chartered profits up by quarter in January-September
- Bank of China Leads the Way for Libor Successor in Asia Bonds
- Britain's biggest banks told they can survive 'severe' shock from cliff-edge Brexit
- Sex work in Singapore: Will changes to the Women’s Charter be enough to tackle exploitation?
Singapore fines Standard Chartered Bank, Trust have 295 words, post on en.vietnamplus.vn at March 19, 2018. This is cached page on VietMaz. If you want remove this page, please contact us.