Standard Chartered being investigated in Britain

The bank was fined US$300 million in August last year by US regulators.

Syndicated News
Written by Syndicated News
LONDON — November 3, 2015: Britain’s financial watchdog has two open investigations against British bank Standard Chartered, the lender’s CEO said today.

“We have two investigations with the FCA (Financial Conduct Authority) related to sanctions compliance and anti money laundering oversight,” chief executive Bill Winters said in a conference call.

“Those investigations are ongoing. Impossible for us to determine exactly when those will conclude or the magnitude if any fine that could result from that,” he said, adding: “We’re cooperating fully”.

Standard Chartered paid $667 million in 2012 to settle charges it violated US sanctions by handling thousands of money transactions involving Iran, Myanmar, Libya and Sudan. It is under monitoring until the end of 2017.

The Asia-focused emerging markets bank also said earlier that it was cooperating with an ongoing US sanctions-related investigation.

In August last year, Standard Chartered was hit by US regulators with a $300 million fine and restrictions on its dollar-clearing business for failing to detect possible money-laundering.

Standard Chartered also said today that it would axe 15,000 jobs and raise $5.1 billion in capital after posting a disappointing third-quarter loss as it struggles to return to growth. — AFP



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Syndicated News

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