Standard Chartered Guernsey fined for ‘inadequate controls to manage risk’; watchdog probe finds $1.4BN of assets processed without proper checks - AML Intelligence
AML Intelligence
Business Intelligence on AML and Financial Crime for Executive Leaders

Banking, EU/Europe, Financial Services, Regulatory

Standard Chartered Guernsey fined for ‘inadequate controls to manage risk’; watchdog probe finds $1.4BN of assets processed without proper checks

Image: Can Pac Swire

The six-figure fine issued to Standard Chartered’s Guernsey subsidiary was due to lack of due diligence on high-risk clients, it has been revealed.

Standard Chartered once operated with as a trust on the tiny British crown dependency island, but it stopped all services there in 2020.

AML Intelligence
Subscribe now to have unlimited access

With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!