The Standard Chartered Bank scandal involves several significant issues related to regulatory compliance and anti-money laundering (AML) controls. Here are some key aspects:

1. Fines for Poor AML Controls

In 2019, the Financial Conduct Authority (FCA) fined Standard Chartered Bank £102.2 million for failing to implement adequate AML controls. The investigation revealed serious shortcomings in the bank’s customer due diligence and ongoing monitoring, particularly in its UK Wholesale Bank Correspondent Banking business and its branches in the United Arab Emirates (UAE).

2. Regulatory Reporting Failures

In 2021, the Prudential Regulation Authority (PRA) fined Standard Chartered Bank £46.55 million for failing to be open and cooperative with the PRA and for deficiencies in its regulatory reporting governance and controls. The bank made several errors in reporting its liquidity position, which led to the PRA not having a reliable overview of its USD liquidity position.

3. Investment Scam Prevention

In 2024, Standard Chartered Bank, in collaboration with the Anti-Scam Centre (ASC), prevented approximately S$1.5 million in losses from an investment scam. The bank’s proactive measures and swift intervention helped protect a 71-year-old victim from significant financial loss.

These incidents highlight the importance of robust AML measures and regulatory compliance in maintaining the integrity of financial institutions.