Provision for past fin crime ctrl & FX trd issues

RNS Number : 6696Q
Standard Chartered PLC
21 February 2019
 

 

 

 

 

20 February 2019

 

 

STANDARD CHARTERED PLC

Provision in respect of legacy financial crime control and FX trading issues

 

Standard Chartered continues its discussions relating to the potential resolution of the previously disclosed investigation by the US authorities relating to historical violations of US sanctions laws and regulations.

 

Standard Chartered has received a decision notice from the UK Financial Conduct Authority's Regulatory Decisions Committee (RDC) relating to the previously disclosed investigation by the Financial Conduct Authority concerning the group's historical financial crime controls, and is considering its options in relation to this decision notice.  The decision notice imposes a penalty of £102,163,200 (net of a 30% early settlement discount) on the group.    

 

Standard Chartered's 2018 fourth quarter results will include a provision totalling
USD900 million for potential penalties relating to the above US investigation and FCA decision, and for previously disclosed investigations relating to FX trading issues, including the January 2019 settlement announced last month.  This provision reflects management's current view of the appropriate level of provision. Resolution of the US investigation and of the FCA process might ultimately result in a different level of penalties.

 

Standard Chartered will be releasing its 2018 full year results on 26 February 2019.

 

This announcement contains inside information

 

END

 

For further information please contact:

Investor queries:

Mark Stride
+44 20 7885 8596

Media queries:

Julie Gibson
+44 20 7885 2434

 

Standard Chartered

 

We are a leading international banking group, with a presence in 60 of the world's most dynamic markets, and serving clients in a further 85. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.

 

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.

 

For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCPGUACPUPBGRU
UK 100

Latest directors dealings