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09.10.2017 01:49 Age: 2 days

Standard Chartered comes under scrutiny for billion-dollar Singapore transfer

Regulators are investigating allegations that USD1.4 billion of private client funds (held mainly on behalf of Indonesian clients) was transferred from the Guernsey office of Standard Chartered Bank to its Singapore branch in late 2015.

The alleged transaction was first reported by news service Bloomberg. Its reported timing is considered suspicious because it was just before Guernsey adopted the Common Reporting Standard (CRS) for automatic international exchange of bank account data.

The incident is said by Bloomberg to have been notified to regulators by staff at Hong Kong-based Standard Chartered itself, following an internal review of the transactions, and is reportedly being investigated by the Monetary Authority of Singapore (MAS) and Guernsey's Financial Services Commission.

According to the Indonesian tax authority, the transfer was a bulk one by many bank clients, not a single individual. The authority is checking the clients' annual tax reports, and any declarations they made under the recent Indonesian tax amnesty.

Last year, Standard Chartered announced plans to concentrate its trust operations in Singapore and wind down the business in Guernsey.

The Financial Services Commission and the Financial Conduct Authority have declined to comment on the reports, while MAS has not yet responded to requests for comment.


Standard Chartered comes under scrutiny for billion-dollar Singapore transfer