The United Kingdom’s banking regulator this week fined Standard Bank PLC £7.6 million for lapses in its anti-money laundering policies, marking the first AML sanctions related to commercial banking in Britain.
The shortcomings involved the bank’s anti-money laundering (AML) procedures in dealing with corporate customers connected to politically exposed persons, according to the U.K.’s Financial Conduct Authority. The FCA also said it was the first case to be brought under the new penalty regime, which goes back to infractions committed since March 2010.
