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Post by anenro on Aug 19, 2019 17:59:37 GMT 4
Standard Chartered faces Treasury fine over sanctions breaches The Treasury is to slap Standard Chartered, the emerging markets lender, with a multimillion-pound fine for failing to prevent sanctions breaches, dealing a further blow to the FTSE-100 bank’s reputation. Sky News has learnt that the Office of Financial Sanctions Implementation (OFSI) has notified Standard Chartered that it intends to impose a penalty of more than £10m in the coming weeks. The fine, which is subject to a possible appeal process, will add to the pressure on the company’s board, which has found itself embroiled in a row with leading investors over its chief executive’s pay package. A City source said this weekend that Standard Chartered, which is the main sponsor of last year’s Premier League runners-up, Liverpool, was expected to appeal against the OFSI fine. One source close to the bank’s board pointed out that the proposed OFSI fine, while reputationally serious, would be immaterial in financial terms. The bank has already been hit this year by penalties totaling more than £800m from regulators in London and New York for violating sanctions against Iran. OFSI, which sits within the Treasury, has a relatively low profile even within Whitehall. Its track record of financial penalties is limited, with two fines of £5000 and £10,000 respectively having been levied on the private bank Raphael & Sons and Travelex, the foreign exchange provider, earlier this year. Details of the specific reasons underpinning OFSI’s decision to fine Standard Chartered or the calculation of the £10m-plus penalty, were unclear this weekend
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