Standard Bank SFO Settlement ABC Implications – 01 December 2015

The Serious Fraud Office’s deferred prosecution agreement with Standard Bank is a stark warning to banks about maintaining adequate anti-bribery systems and controls, lawyers said. The DPA, the SFO’s first, is the first UK indictment under Section 7 of the Bribery Act 2010, and they predict more cases to follow. In the deal with the SFO, the London-based ICBC Standard Bank admitted failing to prevent bribery in a 2012-2013 transaction in which its Tanzanian unit Stanbic Bank Tanzania raised $600 million for the government. Standard Bank Plc was the London arm of South Africa’s Standard Bank Group and was the firm judged to have failed to prevent the bribery in question at Stanbic Tanzania. “This landmark case carries a warning for big global banks to get their anti-bribery systems and controls right, even if the group’s presence in the UK is very small,” said Marcus Bonnell, counsel, regulatory, RPC.

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Alex Davidson, Regulatory Intelligence