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Standard Chartered Bank to pay 1.08 Billion

Standard Chartered Bank settled to pay USD 1.08 Billion to the US and UK regulators for violation of the sanction regime and other compliance issues.

Once again, the Bank is in the middle of an scandal for violation of professional obligations.

As per the reported information the sum will be split in USD 947 Million to the US authorities to settle the investigation for violations of the sanctions regime while £ 102 will go to the UK authorities for breaches regarding professional obligations linked to AML.

This is the highest settlement granted to the this entity since the 2012 action which included a settlement for USD 667 Million and put the bank under court-appointed compliance monitoring.

Source

https://www.riskscreen.com/kyc360/news/breaking-standard-chartered-settles-sanctions-aml-violations-for-1-08bn/

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.

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