The Monetary Authority of Singapore (MAS) is looking at the issues Standard Chartered is under investigation for and will take firm action against any financial institution that breaches money laundering rules, Financial Times reported.
MAS and Guernsey's Financial Services Commission are looking into the the transfer of 1.4 billion dollar of assets in late 2015 just before the Channel Island adopted new global rules on exchanging tax information.
"MAS takes a serious view of the matter and will take firm action against any financial institution or individual that is found to have breached MAS' requirements relating to anti-money laundering and countering the financing of terrorism, " MAS told Financial Times in an emailed statement on Monday.
The investigation was first 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.