Regulators in Europe and Asia are investigating Standard Chartered over the transferring of private bank client assets.
The Monetary Authority of Singapore (MAS) and Guernsey’s Financial Services Commission are looking into the movement of assets in 2015 before Guernsey adopted new global rules on exchanging tax information.
Under the rules countries will agree to automatically share annual reports about accounts belonging to people subject to taxes in each member nation. Britain, Guernsey and Singapore have all signed up to the treaty but Guernsey implemented the rules ahead of the Southeast Asian city-state.
Self Reported
The probe which was reported by Bloomberg, which cited anonymous sources saying that Standard Chartered reported the matter itself to the regulators. It said the sources said regulators were looking into Standard Chartered’s processes, but had not suggested the bank colluded with clients to evade tax.
Standard Chartered said last July that it was to close its trust operations in Guernsey and centralise that part of its business in Singapore due to «shifting client needs.»
