22 Feb 2019
The Financial Conduct Authority (FCA) has imposed a £102.2 million ($133 million) penalty against Standard Chartered Bank for issues pertaining to its financial crime controls.
The bank said it is ‘considering its options,’ regarding the FCA decision.
The development follows remarks in the bank’s 2018 interim report, in which it said it expects to pay a ‘hefty’ fine to the FCA for violating financial crime rules in an ongoing investigation.
At the time, it said the probe was focused “within the correspondent banking business carried out by Standard Chartered Bank’s London branch, particularly in relation to the business carried on with respondent banks from outside the European Economic Area.”
The FCA declined to comment regarding this latest development, Reuters said.
Photo: Standard Chartered
Count reading this article to your CPD minutes, by signing up to our CPD WalletFREE CPD Wallet