New York regulator slams StanChart compliance

By Owen Sanderson
20 Aug 2014

The New York Department of Financial Services said that Standard Chartered had to suspend dollar clearing for certain clients and pay a $300m penalty after it exposed weaknesses in the bank's compliance and anti-money laundering procedures.

The fine follows 24 months of monitoring by the state supervisor, after Standard Chartered was caught violating sanctions against Iran. It paid $340m in 2012 and agreed to co-operate with an on-site compliance monitor.

The monitor, Navigant, found that failures in Standard Chartered’s compliance and money laundering rulebook ...

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