Monetary Authority of Singapore Issues Penalties over AML and CFT Breaches

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Monetary Authority of Singapore Issues Penalties over AML and CFT Breaches

Postby kreslik.news » Sun Mar 18, 2018 10:21 am


The Monetary Authority of Singapore (MAS) has imposed penalties on Standard Chartered Bank and Standard Chartered Trust, with regard to breaches associated with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT).

The monetary penalties were specified by the MAS in a statement, with a penalty of 5.2 million SGD ($3.95 million) issued to Standard Chartered Bank, Singapore Branch (SCBS), and an additional 1.2 million SGD ($0.91 million) on Standard Chartered Trust (Singapore) Limited (SCTS).

The Scope of the Violations

According to the MAS statement, the penalties were issues in accordance to violations of the authority’s requirements, pertaining to AML and CFT.

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