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MAS’s Enforcement Action Against StanChart SG for AML Breaches in March 2018

The Monetary Authority of Singapore (“MAS”), on 19 March 2018, imposed monetary penalties of S$5.2 million and S$1.2 million on Standard Chartered Bank, Singapore Branch (“SCBS”) and Standard Chartered Trust (Singapore) Limited (“SCTS”) respectively for their AML/CFT regulatory breaches. MAS found a total of 21 breaches by SCBS and 12 breaches by SCTS of the respective AML/CFT requirements.

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