Standard Chartered has been slapped with a 5.2 million Singapore dollar (£2.8 million) fine for breaching anti-money laundering and anti-terrorism funding regulations. Standard Chartered has been slapped with a 5.2 million Singapore dollar (£2.8 million) fine for breaching anti-money laundering and anti-terrorism funding regulations. It accused Standard Chartered of failing to “adequately assess and mitigate” against this risk factor, and of failing to file suspicious transaction reports in a timely manner. However, MAS added that Standard Chartered “pro-actively” notified it of its own internal review into the matter and management showed “strong commitment to address the deficiencies identified”. The lender has also taken “prompt and substantive remedial measures” to strengthen its anti-money laundering and anti-terrorism risk management and controls.

Source: Irish Independent March 19, 2018 09:56 UTC