OFSI penalizes Standard Chartered Bank

The United Kingdom’s Office of Financial Sanctions Implementation (OFSI) imposed a monetary penalty against Standard Chartered Bank (SCB) for a total of £20,471,809.83. This penalty was given for breaches of Article 5(3) of EU Council Regulation 833/2014 (£7,693,233.50) and of Regulation 3B of The Ukraine (European Union Financial Sanctions) (No.3) Regulations 2014 (£12,778,576.33). Between 2015 and 2018 SCB made a series of loans to Denizbank A.Ş., a bank that was almost completely owned by EU-designated Sberbank of Russia. Because Standard Chartered Bank made a voluntary disclosure in this case, the penalties were reduced by 30% of their original value. However, OFSI has determined that this case should be considered ‘most serious’.

For more information on this case please read the penalty report.