Standard Chartered Probed on $1.4 Billion Client Transfers
- Staff said to not have properly vetted some customer assets
- Guernsey, Singapore regulators are reviewing 2015 transactions
Standard Chartered Bank in Hong Kong.
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Regulators in Europe and Asia are investigating Standard Chartered Plc over the role staff may have played in transferring $1.4 billion of private bank client assets from Guernsey to Singapore before new tax transparency rules were introduced, people with knowledge of the probes said.
The bank conducted an inquiry and notified regulators after employees raised questions early last year about the timing of the transactions and whether the source of customers’ funds had been properly vetted, said the people, who declined to be identified because the details are private.