British financial service provider, Standard Chartered is under investigation in Singapore and Guernsey after the bank processed certain payments with questionable sources.
The Monetary Authority of Singapore (MAS) and Guernsey’s Financial Services Commission are investigating a transfer of USD1.4 billion carried for a client from Guernsey to Singapore.
According to people familiar with the matter, Standard Chartered’s staff reported transfer which led to the bank reporting the matter to authorities.
It could be recalled that Standard Chartered said last year that it will close its trust operations in Guernsey and centralize that part of its business in Singapore.
Standard Chartered has not commented on the matter