"Appropriate supervisory action" against StanChart for data theft

People queue up outside a Standard Chartered Bank branch before operation hours at the central business district in Singapore on Jan 23, 2014. The Monetary Authority of Singapore says it has taken "appropriate supervisory actions" against Standa
People queue up outside a Standard Chartered Bank branch before operation hours at the central business district in Singapore on Jan 23, 2014. The Monetary Authority of Singapore says it has taken "appropriate supervisory actions" against Standard Chartered, after a theft of client data last year. -- FILE PHOTO: REUTERS

The Monetary Authority of Singapore says it has taken "appropriate supervisory actions" against Standard Chartered, after a theft of client data last year.

StanChart had revealed in December last year that the February statements of 647 private banking clients had been stolen through a server of Fuji Xerox, which did printing for the bank.

The MAS did not say what actions it has taken against StanChart, adding that it generally does not disclose such details.

"MAS takes a serious view on the safeguarding of customer information, and has reminded all financial institutions to ensure that robust controls are in place, including for operations that have been outsourced to third party service providers," a spokesperon said.

StanChart said in a statement: "We are very sorry that bank statements belonging to some of our private bank clients were stolen via the server of our third party service provider whom we previously engaged for the printing of our private bank statements.

"We will continue to work closely with the MAS to identify any gaps there may be in the third party outsourcing process and further tighten the guidelines."