Withers

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…

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16 Old Bailey
City of London
London
EC4M 7EG
UK