Standard Chartered Trust (Guernsey) Limited fined £140,000 – is this linked to Singapore’s 2015 $4.9 million fines?
12/06/2020
On 4th June 2020, the Commission imposed, on an agreed basis, a discretionary financial penalty (under section 11D of The Financial Services Commission (Bailiwick of Guernsey) Law, 1987) on Standard Chartered Trust (Guernsey) Limited of £140,000. The fine is attributable to historical failures to meet the Minimum Criteria for Licensing in respect of Schedule 1 of The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000.
Speculation time
One now questions whether the GFSC fine on the 4th June 2020 linked to Singapore’s central bank March 2018 $4.9 million penalties for breaching money laundering rules and terrorism financing safeguards on
- Standard Chartered Bank = S$5.2 million ($3.95 million)
- Standard Chartered Trust (Singapore) = S$1.2 million
The breaches occurred when trust accounts of SCBS’ customers were transferred from Standard Chartered Trust (Guernsey) to SCTS from December 2015 to January 2016.
The MAS and Guernsey’s Financial Services Commission had been looking into Standard Chartered’s movement of some assets, mainly of Indonesian clients in late 2015, just before the Channel Island adopted new global rules on exchanging tax information.
At the heart of the case was an enormous gap between the stated earnings of some clients and the balances in their accounts. In some extreme cases, clients had claimed an annual income of tens of thousands of dollars yet held tens of millions in their accounts. Also, many clients had links to the military were considered “PEPs” and as such should have been subject to a higher level of scrutiny
https://www.linkedin.com/feed/update/urn:li:activity:6676737341681496066/
https://www.gfsc.gg/news/article/standard-chartered-trust-guernsey-limited
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.