Singapore slapped with a fine two UK Banks

Due to international investigation about theft of one million dollars from the Fund, which was created special to help Malaysia with Economic issues, there were detected some violations of anti-money laundering regulations during process of financial operations in two Banks of England, which are located in Singapore.

Banks were slapped with a 5.3 million USD. Local filial of Coutts Bank will pay 1.7 million USD due to inappropriate Due Diligence of own Clients, and Standard Chartered Bank will pay 3.65 million USD as a fine.