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UK watchdog has two open investigations into Standard Chartered - CEO
November 3, 2015 / 10:07 AM / 2 years ago

UK watchdog has two open investigations into Standard Chartered - CEO

LONDON (Reuters) - Britain’s financial watchdog has two open investigations into Standard Chartered Plc related to its monitoring of sanctions and anti-money laundering compliance, the bank’s chief executive said on Tuesday.

“We are co-operating fully with these investigations and we cannot judge the outcome,” CEO Bill Winters told reporters on a conference call after announcing a rights issue and restructuring plan.

“We’ve tried to achieve a very high level of capitalisation to buffer ourselves against eventualities and we think we are very well capitalised to deal with any of the challenges that could come our way,” he added.

The UK investigation is being conducted by the Financial Conduct Authority, Winters said.

Standard Chartered also remains under investigation by U.S. authorities related to transactions involving Iranian clients.

Winters said that probe includes whether the bank still had relationships when it reached a settlement with U.S. authorities in 2012.

Reporting by Steve Slater, editing by Sinead Cruise

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