This article may contain graphic and/or adult content unsuitable for minors and sensitive readers.
British authorities have fined Standard Bank more than R137 million for failing to carry out adequate safeguards to combat money laundering.
Sapa reports that Britain's Financial Conduct Authority fined Standard Bank for shortcomings in its procedures regarding corporate customers with political ties.
The Standard Bank Group has extensive operations in 18 African countries and 13 other countries outside of Africa.
Tracey McDermott, the FCA's director of enforcement and financial crime, says that if banks accept business from high risk customers they must have systems in place to manage that risk and that "Standard Bank "clearly failed in this respect.
The case is the first anti-money laundering case brought by the FCA or its predecessor agency that focused on commercial banking activity.
