Bank fined for failures in its AML controls
The Financial Conduct Authority (FCA) has published the decision notice it has issued to Standard Bank, fining it £7.6m for failings relating to its anti-money laundering (AML) policies and procedures over corporate customers connected to politically exposed persons (PEPs). This is the first AML case to use the new penalty regime, which applies to breaches committed from 6 March 2010. Under the new regime, larger fines are expected.
The FCA found that between 15 December 2007 and 20 July 2011 Standard Bank had failed to comply with Regulation 20(1) of the MLRs because it had failed to take reasonable care to ensure that all aspects of its AML policies were applied appropriately and consistently to its corporate customers connected to PEPs…
If you are registered and logged in to the site, click on the link below to read the Withers briefing. If not, please register or sign in with your details below.
News from Withers
News from The Lawyer
Briefings from Withers
22 April 2014 marked ‘the largest reform of the family justice system any of us have seen or will see in our professional lifetimes’, according to the president of the Family Division.
Withers’ Graham Elliott discusses the points he found most interesting from this year’s Charity Tax Group annual meeting.
Analysis from The Lawyer
A merged Withers and Speechly Bircham would have scaled The Lawyer’s UK 200 with a turnover of about £170m, and created one of the world’s largest specialist private client teams. So what went wrong?