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
When Brewin's Gutteridge met BlackRock's easy Rieder

When Brewin's Gutteridge met BlackRock's easy Rieder

Following Federal Reserve chair Janet Yellen’s testimony, Ben Gutteridge, head of fund research at Brewin Dolphin, grills Rick Rieder, CIO of fundamental fixed income at BlackRock.

Play Sam Vecht: the best opportunities in frontier markets

Sam Vecht: the best opportunities in frontier markets

Blackrock's Vecht evaluates frontier markets and explains where he sees the opportunities

Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

Your Business: Cover Star Club

Profile: meet the man building Towry into an £11bn giant

Profile: meet the man building Towry into an £11bn giant

As a former engineer who worked on Hong Kong International Airport, Rob Devey is not afraid of taking on major projects

Wealth Manager on Twitter