The Monetary Authority of Singapore today fined the local branch of Standard Chartered Bank, which is headquartered in London, 5.2 million Singapore dollars (USD 3.6 million) for "significant lapses" in customer due diligence measures and controls.
Regulators also fined the Singapore branch of private bank Coutts 2.4 million Singapore dollars (USD 1.7 million) for inadequate customer due diligence on "politically exposed persons." Coutts is winding down its Singapore operations.
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