StanChart Fined in Singapore for Money Laundering Breaches

The Monetary Authority of Singapore has announced that it has imposed penalties of S$5.2 million on Standard Chartered Bank, Singapore Branch (SCBS) and S$1.2 million on Standard Chartered Trust (Singapore) Limited (SCTS).  The penalties were for breaches of MAS’ anti-money laundering and countering the financing of terrorism (AML/CFT) requirements.1 These…