Standard Chartered is today reported to be under investigation over $1.4bn of private bank client assets transferred from Singapore to Guernsey ahead of a deadline introducing new tax transparency rules. The private bank is alleged to have failed to carry out proper vetting of the sources of the funds in question. Following claims by bank employees, the bank conducted an enquiry, reports Bloomberg, and notified regulators of its concerns. The assets were moved to the bank’s Guernsey trust unit and are said to involved mainly Indonesian clients, some of whom had links to the militar...
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