201914 March 2019
Reprimand and HK$59.7 million fine for IPO sponsor due diligence failures (China Forestry, 2009 listing)
The SFC fined the group's securities affiliate, not the bank, for failing to verify China Forestry's forestry assets, rights, legal compliance, insurance and customers as joint sponsor. Recorded for context only; it does not attach to Standard Chartered Bank (Hong Kong) Limited.
Shown for context only: it concerns a different company in the same group.
reprimanded and fined Standard Chartered Securities (Hong Kong) Limited (Standard Chartered Securities) $59.7 million
Securities and Futures Commission (Hong Kong) ·
Settlement without admission · Penalty HKD 59.7 million ·
Primary source 201419 August 2014
NYDFS consent order: US$300 million penalty for failing to remediate AML transaction monitoring; suspension of dollar clearing for high-risk retail clients of SCB Hong Kong
NYDFS found that Standard Chartered Bank had not fixed AML transaction monitoring problems required under its 2012 settlement, and the monitor found many missed high-risk transactions originated from the Hong Kong subsidiary and UAE branches. The order imposed US$300 million, extended the monitor, and required SCB New York to suspend dollar clearing for high-risk retail business clients of SCB Hong Kong. The respondent was the UK parent bank, not the Hong Kong subsidiary.
Shown for context only: the order was against Standard Chartered Bank; the Hong Kong subsidiary's clients were affected.
SCB NY will suspend its dollar clearing operations for high-risk retail business clients of SCB Hong Kong.
Remediation plan, extended monitor engagement, enhanced due diligence for dollar clearing.
New York State Department of Financial Services ·
Settlement without admission · Penalty USD 300 million ·
Primary source 