The Financial Conduct Authority (FCA) has fined Standard Chartered Bank £102.2m for anti-money laundering (AML) breaches, representing the regulator's second largest financial penalty for AML control failings.
The regulator found "serious and sustained shortcomings" in the firm's AML controls. The failings related to customer due diligence and ongoing monitoring. The fine, revealed on Tuesday, followed investigations made by the regulator into two areas of Standard Chartered's business that were identified as higher risk - its UK Wholesale Bank Correspondent Banking business and its branches in the United Arab Emirates (UAE). According to the financial watchdog, Standard Chartered failed to establish and maintain risk-sensitive policies and procedures and failed to ensure its UAE branches ...
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