The central bank of Southeastern Asia’s Singapore recently fined Standard Chartered Bank roughly $3.95 million as punishment for laundering money.
While many financial institutions and organizations around the world likely engage in illegal activity, fraud isn’t often uncovered – unless someone on the inside blows the proverbial whistle.
In this instance, nobody from inside Standard Chartered told, but it’s still a developing story.
Singapore’s MAS – the Monetary Authority of Singapore – ordered the Singapore branch of Standard Chartered Bank to fork over S$5.2 million – it carries over to $3.95 million in United States Dollars – and for Standard Chartered Trust Ltd to pay S$1.2 million – roughly $910,000 in USD – for breaching government standards against money laundering breaches and counter financing of terrorism penalties (these laws are often shortened as such – AML/CFT).
Trusted accounts of Standard Chartered Bank transformed large sums of money from its bank to Standard Chartered Trust Ltd over a two-month period – from December 2015 to January 2016.
Standard Chartered Bank seems to be regretful of its actions, claiming that the financial institution “fell short of [its] own standards].” It also publicly recognized in a press release that it failed to disclose activity by clients trying to cover their own trails, in an attempt to “avoid reporting obligations under the Common Reporting Standard.”
All of the above events took place on Monday, March 19, 2018, Eastern Savings Time.