Standard Chartered PLC is facing a penalty of more than £10 million for failing to prevent sanctions breaches, Sky News reported Aug. 17.
The U.K.'s Office of Financial Sanctions Implementation has notified the bank that it plans to impose the penalty in the next few weeks, Standard Chartered is expected to appeal against the fine, a source told Sky News.
The reasons behind the agency's decision are unclear at this point. The fine is the latest in a series of sanctions imposed against the U.K.-based lender. Standard Chartered had agreed to pay a total of US$1.1 billion in settlements to resolve investigations by U.S. and U.K. authorities into the group's historical sanctions compliance and financial crime controls.
Standard Chartered and the Treasury declined to comment on the matter.