Standard Chartered has set aside $900m for potential fines from the US and UK regulators for failures in failures to comply with US sanctions laws and regulations.
The money is being set aside due to an ongoing investigation by US authorities in regard to historic violations to sanctions laws and regulations.
In addition to this, the institution received a decision notice from the UK FCA’s regulatory decisions committee relating to a previously held investigation around its historic financial crime controls. The FCA is considering its action, with a potential penalty of £103m on the line.
Standard Chartered has held the $900m in reserve, based on its expected penalties, but this could change.
Last month, Standard Chartered agreed a consent order with the New York State Department of Financial Services. This was done in relation to past control failures and improper conduct in its Foreign Exchange trading and sales business between 2007 and 2013.
The 2018 full year results of Standard Chartered will be released later in the month.
Last year, Standard Chartered partnered with Instabase to automate and optimise client onboarding, credit documentation and know your client processes. Its new service utilises Instabase’s solutions which include programme synthesis, natural language processing, optical character recognition and machine learning.
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