Update: FCA fines Standard Chartered £102m for money laundering failings

'Large number' of investigations in pipeline

The Financial Conduct authority (FCA) has fined Standard Chartered bank £102m in response to anti-money laundering (AML) failings in its UK wholesale bank correspondent banking business and in the United Arab Emirates (UAE).

Standard Chartered's AML controls were found to be subject to "serious and sustained shortcomings" relating to customer due diligence and ongoing monitoring, with the bank failing to establish and maintain risk-sensitive policies and procedures, according to the FCA. The FCA stopped short of a fine of almost £150m as Standard Chartered did not dispute its findings, qualifying the bank for a 30% discount. An investigation, which saw the FCA cooperate with multiple international bodies, found significant shortcomings in Standard Chartered's own internal assessments of the adequacy of it...