Standard Chartered Fined by US & UK for its UAE Branches

The FCA (Financial Conduct Authority) in the UK has issued a fine to Standard Chartered Bank for reportedly over GBP £100 million for allowing grave and continuous inadequacies in its anti-money laundering checks regarding two high-risk business areas, namely in its corresponding banking subsidiary and UAE divisions & branches.

The court heard about one instance how it allowed a client to open an account with a suitcase containing AED 3 million (approximately GBP £500,000). Also happening simultaneously, the US Department of the Treasury announced a settlement of over USD $1 billion for apparent abuses of US economic sanctions with the bank.