Citing sources familiar with the matter, Financial Times noted that the UK-headquartered bank did not conduct the anti-money laundering (AML) checks that were expected of them.
Liquidators seeking to recover funds from Malaysia’s investment fund, 1Malaysia Development Berhad (1MDB), have filed a claim for US$2.7 billion ($3.43 billion) against Standard Chartered, reported the Financial Times on July 1.
According to a press release issued on the same day, the companies represented by the liquidators are Alsen Chance Holdings, Blackstone Asia Real Estate Partners and Brightstone Jewellery. All three companies, which are in liquidation, commenced proceedings in the High Court of Singapore against the lender on Monday.
