LONDON (Reuters] -The Bank of England stated Monday it had sanctioned Standard Chartered (OTC), 46.55million pounds (61.51 millions) for misreporting the bank’s liquidity status to regulators. It also said that its controls were failing.

Prudential (NYSE 🙂 Regulation Authority (PRA) stated that the fine was related to Standard Chartered’s reporting mistakes made March 2018, May 2019, and when Standard Chartered was subject to “additional liquidity expectations” because of concerns over US Dollar liquidity outflows.

In a statement, the PRA stated that the fine was the largest ever inflicted in an instance where it was sole enforcer.

Sam Woods (CEO of the PRA), stated that “We expect companies to promptly notify us about any material issues in their regulatory reporting,” which Standard Chartered did not do.

“Standard Chartered’s systems, controls, oversight fell substantially below what we expect of a bank systemically important,” he said.

The PRA stated that Standard Chartered had been placed with a temporary liquidity expectation in October 2017 due to increased risk of US Dollar liquidity outflows.

Although the overall liquidity position of the British bank was still in surplus to core liquidity needs, the BoE reported that five errors were made by the institution reporting its liquidity metric.

The PRA didn’t have an accurate overview of the dollar liquidity situation, so it was not able to make any conclusions.

Standard Chartered didn’t immediately respond to a request of comment.

($1 = 0.7568 pounds)