Standard Chartered Scrutinised by Authorities for $1.4 Billion Private Banking Assets Transfers

Standard Chartered Scrutinised by Authorities for $1.4 Billion Private Banking Assets Transfers

Standard Chartered is being scrutinised for $1.4 Billion of private banking assets transfer from Guernsey to Singapore, prior to the new tax transparency rules taking place.  According the numerous leading financial media reports, the Guernsey Financial Services Commission and the Monetary Authority of Singapore are investigating the alleged $1.4 billion transfer, that are linked to wealthy Indonesians with military background.

” Standard Chartered Scrutinised by Authorities for $1.4 Billion Private Banking Assets Transfer “

In 2015, Standard Chartered had ceased its trust business and operations in Guernsey, and with clients’ accounts transferred to Singapore.  Like BVI and Cayman Islands, Guernsey is a popular offshore company incorporation center and a tax haven.

Source: Reuters, Bloomberg, New York Times

 

About Standard Chartered

Standard Chartered Bank was formed in 1969 through the merger of two separate banks, the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China. These banks had capitalised on the expansion of trade between Europe, Asia and Africa.  We’re one of the world’s most international banks, with over 1,200 branches, offices and outlets in 71 countries across the globe.

Visit: Standard Chartered

 


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Standard Chartered Faces Sanctions on Hong Kong IPO

Standard Chartered Faces Sanctions on Hong Kong IPO

Standard Chartered is facing potential sanctions from Hong Kong authorities over the handling of its stock market flotation. The Hong Kong Securities and Futures Commission warned that it is intending to take action against the bank related to an IPO in 2009. It is thought to be for the share sale of China Forestry which is being liquidated.

“Standard Chartered is facing potential sanctions from Hong Kong authorities over the handling of its stock market flotation.”

~ The Guardian

Standard Chartered had worked alongside UBS for the flotation and it is also being investigated by the SFC for its role in a number of local IPOs.

Related Reports: The Guardian, The Telegraph

 

About Standard Chartered

Standard Chartered Bank was formed in 1969 through the merger of two separate banks, the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China. These banks had capitalised on the expansion of trade between Europe, Asia and Africa.  We’re one of the world’s most international banks, with over 1,200 branches, offices and outlets in 71 countries across the globe.

Visit: Standard Chartered


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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Monetary Authority of Singapore to Take Action Against DBS, StanChart & UBS in 1MDB Probe

Monetary Authority of Singapore to Take Action Against DBS, StanChart & UBS in 1MDB Probe

Singapore authorities said they have found lapses in anti-money laundering controls including DBS and the Singapore branches of Standard Chartered Bank and UBS and will be taking action against them. They also added that bank accounts which belong to several individuals have been seized and dealings in properties belonging to these individuals have also been curtailed. These assets amount to S$240 million.

“Singapore authorities said they have found lapses in anti-money laundering controls including DBS and the Singapore branches of Standard Chartered Bank and UBS and will be taking action against them.”

~ Monetary Authority of Singapore

The MAS said the deficiencies at the banks were related to lapses in specific processes and by individual officers which would be met by the firm regulatory action. MAS also mentioned that the inspections did not find any pervasive weakness or staff misconduct.

Related Reports: MAS, CNBC

 


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Temasek Posts First Annual Drop in Portfolio Value Since Global Debt Crisis

Temasek Posts First Annual Drop in Portfolio Value Since Global Debt Crisis

Temasek Holdings registered an annual drop for the first time in the value of its portfolio since the global financial crisis, due to falls in share prices of its holdings in financial and resources companies. Temasek said its total assets declined 9% to SGD$242 billion in the year ended 31st March from SGD$266 billion a year earlier. Its net profit fell 43% to SGD$8 billion.

“Its total assets declined 9% to SGD$242 billion in the year ended 31st March from SGD$266 billion a year earlier.”

~Temasek Holdings

The fund which holds stakes in Standard Chartered PLC. China Construction Bank and Singapore Airlines warned that the current financial year which ends in March 2017 could prove to be challenging.

Related Reports: Wall Street Journal, Reuters

 

About China Construction Bank

China Construction Bank (Asia) Corporation Limited [“CCB (Asia)”] is the retail and commercial business platform of China Construction Bank Corporation [“CCB”] in Hong Kong. As of April 30, 2016, CCB (Asia) has 50 branches in Hong Kong and offers a wide array of banking products and services to customers, including consumer banking services, commercial banking services, corporate banking services, private banking services and cross-border financial services, etc.

Visit: China Construction Bank


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US Banking Regulator Queries Four Investment Banks Including Goldman Sachs on Panama Papers

US Banking Regulator Queries Four Investment Banks Including Goldman Sachs on Panama Papers

New York’s banking supervisor has asked four investment banks including United States group Goldman Sachs and France’s BNP Paribas for details of any offshore dealings related to the Panama Papers. The four investment banks – Goldman Sachs, BNP Paribas, Standard Chartered and Canadian Imperial Bank – have until May 23 to respond.

“New York’s banking supervisor has asked four investment banks including United States group Goldman Sachs and France’s BNP Paribas for details of any offshore dealings related to the Panama Papers”

~ Daily Mail

The banking supervisor had also sent out similar requests for information related to the Panama Papers on April 21 to April 13 other financial institutions including: Societe Generale of France; the Dutch bank ABN Amro; Deutsche Bank and Commerzbank of Germany; Credit Suisse of Switzerland; Nordic institutions Svenska Handelsbanken, Nordea Bank Finland and Skandinaviska Enskilda Banken; and Bank Leumi of Israel.

Related Reports: Business Times, Daily Mail

 

About Goldman Sachs 

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Visit: Goldman Sachs

 

About BNP Paribas

BNP Paribas is a leading provider of banking and financial services in Europe. It is present in 75 countries with nearly 188,000 employees. The Group holds key positions in its 2 core activities: Retail Banking & Services, comprising Domestic Markets and International Financial Services; and Corporate & Institutional Banking

Visit: BNP Paribas

 

About Standard Chartered

Standard Chartered Bank was formed in 1969 through the merger of two separate banks, the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China. These banks had capitalised on the expansion of trade between Europe, Asia and Africa.  We’re one of the world’s most international banks, with over 1,200 branches, offices and outlets in 71 countries across the globe.

Visit: Standard Chartered

 

About Canadian Imperial Bank

CIBC is the strongest publicly traded bank in Canada by Bloomberg Markets and the only North American bank in the ranking for the last five years. We are focused on meeting our clients’ needs today and into the future to help them keep pace with the ever-changing market.

The Canadian Imperial Bank of Commerce, as it is known today, came into being in 1961. The bank was formed through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada. At the time, they were two of Canada’s largest banks. 

Visit: Canadian Imperial Bank




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