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Money laundering: Standard Chartered penalised
In a huge blow to Standard Chartered Bank, DFS hit $300 million and restrictions on its dollar-clearing business for failure to detect money laundering. T
In a huge blow to Standard Chartered Bank, DFS hit $300 million and restrictions on its dollar-clearing business for failure to detect money laundering. This penalty came two years after the bank paid US regulators $667 million to settle charges it violated by handling thousands of money transactions involving Iran, Myanmar, Libya and Sudan.
The New York Department of Financial Services (DFS) said the British bank's internal compliance systems had botched to detect or act on bulky potentially high-risk transactions The DFS did not provide information on the kind of the transactions or proof of laundering. However, the bank accepts the responsibility for the issue and regrets the deficiencies in the anti-money laundering transaction surveillance system at its New York branch. The bank also added that it would work with clients in Hong Kong and UAE affected by the DFS requirements to minimize disruption.
