The U.K. Prudential Regulation Authority (PRA) announced Monday a record fine of £46.55 million (U.S. $61.5 million) against Standard Chartered Bank for repeatedly misreporting a key metric to determine liquidity risk.

Standard Chartered was also cited for not notifying the PRA of its reporting issues in a prompt manner. The fine is the largest ever the regulator has handed down in an enforcement case.

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Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...