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ARTICLE · 07 FEBRUARY 2014

FCA Fines Standard Bank For AML Failures

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The Financial Conduct Authority (the "FCA") has fined Standard Bank Plc £7,640,400 for failing to comply with the UK’s money laundering regulations and, in particular, for failing to ensure that its anti-money laundering policies and procedures were applied properly in relation to corporate customers connected to politically exposed persons during the period December 2007 to July 2011

United StatesGovernment, Public Sector
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The Financial Conduct Authority (the "FCA") has fined Standard Bank Plc £7,640,400 for failing to comply with the UK's money laundering regulations and, in particular, for failing to ensure that its anti-money laundering policies and procedures were applied properly in relation to corporate customers connected to politically exposed persons during the period December 2007 to July 2011. The regulator found that Standard Bank had not consistently carried out adequate enhanced due diligence when business relationships were established and had failed to conduct an appropriate level of ongoing monitoring of existing relationships. The FCA's final notice issued to Standard Bank is available at: http://www.fca.org.uk/static/documents/decision-notices/standard-bank-plc.pdf.

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