Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Standard Bank fined £7.6m over money laundering failures

Standard Bank fined £7.6m over money laundering failures

The Financial Conduct Authority has fined Standard Bank Plc £7.64 million over failings in its internal controls on money laundering and due diligence related to political clients.

Standard Bank Plc is the UK subsidiary of Standard Bank Group, South Africa’s largest bank.

'Banks are in the front line in the fight against money laundering,’ said Tracy McDermott, FCA director of enforcement.

‘If they accept business from high risk customers they must have effective systems, controls and practices in place to manage that risk. Standard Bank clearly failed in this respect.’

The FCA found that between 2007 and 2011 Standard Bank failed to correctly ensure its money laundering controls were correctly applied to ‘politically exposed persons’.

The bank also provided credit and other services to a ‘significant number’ of corporate clients based in countries recognised as having a ‘higher risk’ of money laundering.     

Regulators found that the bank had independently identified its own failures, but had failed to correct them.  

A spokesperson for the bank said that since 2010 the bank reviewed all its customer relationships and strengthened its money laundering controls.  

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: from Batman Live to commodity beta

Profile: from Batman Live to commodity beta

Charteris may be a family affair, but the company is not at any risk of turning sentimental

Wealth Manager on Twitter