Standard Chartered to pay new penalty to NY regulator

  • Standard Chartered has agreed to make a payment of $300m to the chief banking regulator of New York for its failure to revamp its anti-money laundering mechanism, according to media reports.

    Also, the British bank cannot accept fresh dollar clearing accounts without prior approval from the state.

    The New York State Department said “there should be consequences” if a bank failed to honor its commitments. Standard Chartered said it was addressing the issue with “utmost urgency.”


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