Direct link Share on

By a Decision Notice published on 9 April 2019, the FCA has imposed a fine of £102,163,200 on Standard Chartered Bank for Anti-Money Laundering breaches.

This matter was one of the first to involve a Focused Resolution Agreement whereby the Bank agreed the FCA’s findings of fact and liability, whilst reserving its right to argue that the proposed penalty was too high. As a result of entering into the Focused Resolution Agreement, the Bank secured a 30% settlement discount on whatever was determined to be the appropriate penalty.

At a contested hearing before the FCA’s Regulatory Decisions Committee, the Bank argued that the proposed penalty was too high. The Bank’s arguments centred on what it said was the seriousness of the relevant breaches, the proportionality of the proposed penalty, and the effect and inclusion of various mitigating and aggravating factors.

The RDC decided that the proposed penalty was too high and reduced it from £155 million to £102 million (both figures having been calculated after taking into account the 30% settlement discount for which the Bank qualified by reason of the Focused Resolution Agreement).

Javan Herberg QC and Simon Pritchard acted for the Bank, Andrew George QC acted for the Authority

Clerks

Staff