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The UK Prudential Regulation Authority has fined Standard Chartered more than £ 46.5 million for repeatedly reporting a key liquidity measurement error and not being “open and cooperative” with one of the UK’s top financial regulators.

The fine, the highest ever given by the PRA in an enforcement case, is linked to Standard Chartered’s inaccurate reporting of the liquidity position from March 2018 to May 2019.

The PRA said that Standard Chartered made five errors in its regulatory reporting during this period, so “the PRA did not have a reliable overview of its USD liquidity position”[ads1];. The PRA had imposed a temporary additional liquidity requirement on the bank due to concerns about the outflow of dollars in October 2017.

The bank first told PRA about one of the errors after a four-month internal review.

“We expect firms to notify us immediately of any significant issues with their regulatory reporting, which Standard Chartered was unable to do in this case,” said Sam Woods, PRA’s CEO.

“Standard Chartered’s systems, controls and supervision fell significantly below the standards we expect of a systemically important bank, and this is reflected in the size of the fine in this case.”

PRA noted that Standard Chartered’s total liquidity position was above the core liquidity requirement throughout the period. The fine includes a 30 percent discount for settlement.

In a statement, Standard Chartered said that the reporting errors were “self-identified and self-corrected in 2018 and 2019”.

“Standard Chartered has collaborated proactively and fully with PRA’s investigation and has made significant improvements and significant investments in its liquidity and regulatory reporting processes and controls and remains committed to accurate regulatory reporting,” it added.

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