Basic failures at NatWest and StanChart prompt much-needed zeal from regulators | nils pratley

A string of egregious oversight lapses at UK banks suggests boards are not earning their lavish pay

Last week’s £264m penalty and criminal conviction for NatWest for money-laundering failures still takes the prize for the most spectacular collapse we’ve seen in years in a bank’s controls department. The saga, almost unbelievably, involved black bin bags, stuffed with as much as £700,000, getting through the system.

But more mundane control failures also count, and Standard Chartered, the Asian-focused but London-listed bank, limped into view on Monday with a £46.5m fine from the Bank of England’s Prudential Regulation Authority.

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from The Guardian https://ift.tt/3qcLwip