Introduction 1. The £7.6m fine recently meted out to Standard Bank was accompanied by a self-congratulatory press release by the regulator heralding new firsts. 2. It was apparently the first AML case brought with respect to commercial banking and first AML case to use the new FCA penalty regime which applies to breaches committed from […]

1. The Financial Conduct Authority (FCA) has fined Standard Bank PLC (Standard Bank) £7,640,400 for failings relating to its anti-money laundering (AML) policies and procedures over corporate customers connected to politically exposed persons (PEPs). 2. This is the first AML case the FCA, or its predecessor the Financial Services Authority (FSA), has brought focused on […]