Standard Chartered has put by 900 million US dollars (£688 million) for fines relating to investigations in the UK and the US stretching back more than a decade. Standard Chartered has put by 900 million US dollars (£688 million) for fines relating to investigations in the UK and the US stretching back more than a decade. Standard Chartered sets aside £688m for UK and US finesThe Asia-focused bank revealed that the provision includes a fresh £102.2 million penalty from the UK City watchdog, while also covering “historical violations of US sanctions laws” and previously-disclosed foreign exchange probes relating to trading issues. The fine from the Financial Conduct Authority (FCA) – which was reduced by 30% for early settlement – relates to Standard Chartered’s historical financial crime controls. But Standard Chartered stressed that it remains in talks with US authorities over investigations on sanctions breaches.

Source: Irish Independent February 21, 2019 09:56 UTC