[ISN] Standard Chartered Says Bank Client Data Stolen in Singapore

http://www.bloomberg.com/news/2013-12-05/standard-chartered-says-client-banking-data-stolen-in-singapore.html By Sharon Chen & Jasmine Ng Bloomberg.com Dec 5, 2013 Standard Chartered Plc (STAN) said data from some of its private banking clients were stolen in Singapore after the city-state’s police found bank statements on a laptop seized from an alleged hacker. The monthly statements of 647 clients for February 2013 were stolen from Fuji Xerox Co., which prints them for the bank, according to a statement from Standard Chartered and Fuji Xerox yesterday. The bank is contacting the affected clients and hasn’t found any unauthorized transactions resulting from the incident, according to the statement. “We don’t think it will affect” Singapore’s efforts to develop its wealth-management industry, said Song Seng Wun, an economist at CIMB Group Holdings Bhd. (CIMB) in Singapore. “It shouldn’t be allowed to repeat, or else that could put at risk the reputation of the system, especially when we have so many cities around that are trying to emulate” the financial hub. The Monetary Authority of Singapore yesterday said it is “actively engaging” Standard Chartered on the theft of client data. It said it will review Standard Chartered’s investigation report and consider whether regulatory action is warranted. […]