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August 17, 2012

Standard Chartered settles NY money laundering charges

The New York State Department of Financial Services has announced that Standard Chartered Bank has agreed to pay a civil penalty of $340 million for alleged money laundering breaches.

The settlement follows allegations in a show cause order which accused the bank of unlawful trades valued at $250 billion for Iranian clients.

The NY action has created trans-Atlantic regulatory tensions.

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Posted 17th August 2012 by David Jacobson in Anti-money laundering, Financial Services