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Basic failures at NatWest and StanChart prompt much-needed zeal from regulators
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theguardian.comLast week’s £264m penalty and criminal conviction for NatWest for money-laundering failures still takes the prize for the most spectacular collapse we’ve seen in years in a bank’s controls department. The saga, almost unbelievably, involved black bin bags, stuffed with as much as £700,000, getting through the system.
But more mundane control failures also count, and Standard Chartered, the Asian-focused but London-listed bank, limped into view on Monday with a £46.5m fine from the Bank of England’s Prudential Regulation Authority.
It’s a thumping penalty in its own right – the biggest imposed by the PRA acting in a solo capacity – and, beyond the dry technicalities of US dollar liquidity reporting requirements, one can understand why the
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