Standard Chartered’s branch in Singapore has been fined $3.94 million for breaching anti-money laundering and terrorist financing rules. Transactions that took place between 2015 and 2016 between Guernsey and Singapore ($1.4 billion) suggested that the clients may have been trying to avoid common reporting standards. The clients involved in the transactions had links to the Indonesian military, and incomes disproportionately low for their assets of tens of millions of dollars.

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Category

Compliance, illicit financing

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