SC Bank reprimanded for accounting failure on derivatives trading

Standard Chartered Bank Korea, a local unit of Britain-based banking giant Standard Chartered PLC, has been reprimanded for violating accounting rules on its trading of derivatives worth 1 trillion won (US$977.8 billion), the financial watchdog said Thursday, compounding problems for the lender still reeling from massive data leaks. According to the Financial Supervisory Service (FSS), SC Bank Korea conducted transactions with the Seoul branches of six foreign banks on 15 occasions since March 2010, amounting to a combined US$1.79 billion worth of currency swaps and 190 billion won worth of interest rate swaps.