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Standard Bank Pays $36.9m to Settle SEC and UK Fraud Charges

Standard Bank Plc agreed to pay $36.9 million to settle charges with the Securities and Exchange Commission and United Kingdom’s Serious Fraud Office under its Bribery Act for failing to disclose certain payments to entities for no substantive work in connection with a $600 million debt issued by the Government of Tanzania in 2013.

The SEC did not have jurisdiction to bring charges under the Foreign Corrupt Practices Act (FCPA) because Standard was not an “issuer” as defined by that Act. Click here to read more.

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