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Standard Chartered Bank reprimanded for violating accounting rules

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Published : 2014-05-08 17:20
Updated : 2014-05-08 17:20

Standard Chartered Bank Korea was reprimanded for violating accounting rules on its trading of derivatives worth 1 trillion won ($977.8 billion), according to the Financial Supervisory Service on Thursday.

The watchdog said that SC Bank Korea, a local unit of Britain-based banking giant Standard Chartered PLC, conducted transactions with the Seoul branches of six foreign banks on 15 occasions since March 2010. 

The amount reached a combined $1.79 billion worth of currency swaps and 190 billion won worth of interest rate swaps.

The lender concluded the trading deals in both directions, but reflected only the contracts advantageous to it in its accounting books, the watchdog said.

SC Bank Korea currently faces punishment by the FSS for data leaks.

Some 103,000 customers‘ data were found to have been stolen by employees of the bank’s subcontractor between 2011 and 2012.

Earlier, the FSS had warned officials at SC Bank Korea‘s transaction counterparts -- the Seoul branches of Credit Agricole Corporate and Investment Bank, Societe Generale, BNP Paribas, HSBC, Barclays and Deutsche Bank -- for improper derivatives transactions.

By Bae Hyun-jung and news reports (tellme@heraldcorp.com)

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