Standard Chartered Fined £102.2 Million by FCA for Serious Anti-Money-Laundering Control Failures
Company: Standard Chartered PLC
Summary
In April 2019, the UK Financial Conduct Authority fined Standard Chartered Bank £102,163,200 for serious and sustained shortcomings in anti-money-laundering controls. The FCA's findings covered Standard Chartered's UK wholesale correspondent-banking business from November 2010 to July 2013 and its UAE branches from November 2009 to December 2014. The regulator found weaknesses in customer due diligence, ongoing monitoring, identification and mitigation of money-laundering risks and escalation of red flags. Examples cited by the FCA included opening an account funded with three million UAE dirham in cash carried in a suitcase and failing to adequately investigate other high-risk customers. Standard Chartered accepted the FCA's findings and received a 30% settlement discount. Source: Financial Conduct Authority https://www.fca.org.uk/news/press-releases/fca-fines-standard-chartered-bank-102-2-million-poor-aml-controls