Sunday, April 11

StanChart fined $133 million by Britain’s financial watchdog

People walk inside the main branch of Standard Chartered in Hong Kong, China August 1, 2017. REUTERS/Bobby Yip/File Photo

(Reuters) – Standard Chartered Plc said on Wednesday Britain’s financial watchdog has imposed a fine of 102.2 million pound ($133.3 million) in relation to its investigation into the bank’s historical financial crime controls.

In a filing to the Hong Kong Stock Exchange on Wednesday, StanChart said it was considering its options in relation to the decision by the UK Financial Conduct Authority’s (FCA) Regulatory Decisions Committee.

Standard Chartered has been under scrutiny by authorities in both the United Kingdom and United States.

Last month, New York’s financial watchdog fined the bank $40 million for attempting to rig transactions in foreign exchange markets between 2007 and 2013.

In October, StanChart’s Chief Executive Bill Winters said U.S. authorities were investigating whether it breached Iran-related compliance rules as recently as 2013, a year after it settled with them over earlier allegations of breaches.

The bank said its fourth-quarter results will include a $900 million provision for potential penalties arising from ongoing investigations by U.S. authorities and the FCA’s decision, as well as previous settlements.

Standard Chartered will release its 2018 full year results on Feb. 26.

The FCA declined to comment when contacted by Reuters.

Reporting by Nikhil Kurian Nainan, additional reporting by Aditya Soni in Bengaluru; Editing by Shinjini Ganguli and Richard Pullin

Our Standards:The Thomson Reuters Trust Principles.


Leave a Reply

Your email address will not be published. Required fields are marked *