StanChart employee to be charged with CBT

AN EMPLOYEE of Standard Chartered Bank wase charged in court on Monday for criminal breach of trust (CBT) involving $500,000, BT understands. 

The offence by the 48-year-old woman is understood to have taken place at the bank's Serangoon Gardens branch. A Singapore Police Force statement yesterday did not name the offender nor the bank concerned, but said that a 48-year-old woman had been arrested.

According to the statement, the branch manager of the bank lodged a police report at about 11 pm last Friday stating that $500,000 cash was believed to have been stolen from the bank.

Officers from Ang Mo Kio Police Division worked meticulously on the case and established that a branch officer might have siphoned off the cash during bank closing hours on Thursday, May 16.

At about 5am on Saturday, the suspect was arrested and cash amounting to $1,000 and gambling chips worth $4,905 were recovered from the suspect's possession.

"Investigations are ongoing to recover the rest of the monies," said the statement.

A spokeswoman for StanChart said "we would like to reassure customers that our first priority is always to protect customers' interests and their funds remain safe with us".

"At Standard Chartered, we always seek to adhere to the highest standards of compliance with laws and regulations in the markets that we operate in. Internally, we also have a code of conduct, strict processes and procedures in place with which all employees are expected to comply. Any misconduct and non compliance with these processes and procedures will be dealt with very seriously," she added.

An offence of Criminal Breach of Trust as a Servant under Section 408 of the Penal Code, Chapter 224 carries a jail term of up to 15 years, and the offender shall also be liable to a fine.

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