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