Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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 JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter