Standard Chartered to pay penalty for failing to improve money laundering controls

by Wadsam | August 20, 2014 5:59 am

standard chartered[1]The British Bank Standard Chartered has to pay a fresh penalty of USD 300mn to New York’s banking regulator for failing to improve its money laundering controls.

The bank has also been banned from accepting new dollar clearing accounts without the state’s approval.

“If a bank fails to live up to its commitments, there should be consequences,” BBC News quotes the New York State Department’s Benjamin M Lawsky.

Standard Chartered has accepted the findings and said the remediation of anti-money laundering control issues would continue.

The bank was first fined in 2012 by the New York regulator and agreed to pay USD 340mn after it was accused to hiding USD 250bn of transactions with Iran.

Endnotes:
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