Standard Chartered plc (SCBFF.PK, STAC.L, STAN.L) said that its 2018 fourth quarter results will include a provision totaling US$900 million for potential penalties relating to US investigation and UK Financial Conduct Authority decision, and for previously disclosed investigations relating to FX trading issues, including the January 2019 settlement announced last month. Resolution of the US investigation and of the FCA process might ultimately result in a different level of penalties.
The company noted that it 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.
The company said it 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 about 102.16 million pounds–net of a 30% early settlement discount– on the group.
Standard Chartered noted that it will be releasing its 2018 full year results on 26 February 2019.