Standard bank fined £7.6m by FCA

%VIRTUAL-SkimlinksPromo%The UK arm of South Africa's Standard Bank has been fined £7.6 million by the City regulator for breaching rules that guard against money laundering linked to corrupt foreign officials or politicians.

A review by the Financial Conduct Authority (FCA) found "serious weaknesses" in the procedures of the bank, whose parent group has extensive operations in 18 African countries and others in 13 other states.