NEWS
IBS Journal April 2018
11
Standard Chartered in Singapore fined for breaching AML and CFT
T
he Monetary Authority of Singapore (MAS) has announced that it has imposed penalties of S$5.2 million ($3.95 million) on the Singapore branch of Standard Chartered Bank (SCBS) and S$1.2 million on Standard Chartered Trust Limited in Singapore (SCTS).
The fined institutions were found breaching anti-money laundering and countering the financing of terrorism (AML/CFT) requirements. These breaches occurred when trust accounts of SCBS’ customers were transferred from the Trust’s Guernsey branch to the one in Singapore in December 2015 and January 2016.
SCBS’ and SCTS’ risk management and controls in relation to the transfers were found to be unsatisfactory, since some clients were attempting to avoid their Common Reporting Standards (CRS) obligations. SCBS and SCTS did not adequately assess and mitigate
against this risk factor, and also failed to file suspicious transaction reports in a timely manner.
However, MAS has taken into consideration mitigating factors. SCBS had pro-actively notified MAS of its internal review on the trust accounts, and SCBS and SCTS management showed strong commitment to address the deficiencies identified by MAS. According to MAS, both SCBS and SCTS have taken substantial remedial measures to strengthen their AML/CFT risk management and controls.
“MAS requires financial institutions to adequately assess money laundering risks when deciding whether to accept customers,” commented MAS’ deputy MD Ong Chong. “They should also have in place processes to monitor customer transactions. We expect financial institutions to remain vigilant by instilling a strong risk culture.”
One third of consumers fooled by fake mobile banking apps
O
nly 58% of mobile banking users can identify their bank’s official application, while 36% are completely fooled by fake apps created by cybercriminals.
According to research from Avast, criminals are becoming more proficient at fooling careless users. It surveyed 40,000 people across 12 countries, asking them to tell the difference between a fake and a real banking application.
The country with the best results was Spain, where 67% of those asked could identify the legitimate application. The worst results came from the US, where the fake app tricked 42%, with only 40% able to find the real one.
“We are seeing a steady increase in the number of malicious applications for Android devices that are able to bypass security checks on popular app stores and make their way onto consumers’ phones,” said Gagan Singh, senior vice president and general manager of mobile at Avast.
“Often, they pose as gaming and lifestyle apps and use social engineering tactics to trick users into downloading them.”
The survey also found that users are more concerned about having
Real or fake? Almost a third of smartphone and tablets users not using mobile banking cited security concerns as the reason
money stolen from their account than having their social media profiles hacked. Some 72% of those asked cited financial loss as a primary concern in their lives.
About 43% of those asked said that they regularly used mobile banking apps. Of the respondents that do not bank via smartphone or tablet, 30% indicated security concerns as the main reason for their reluctance.
www.ibsintelligence.com
iStock/Tarik Kizilkaya
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