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New York Fines Standard Chartered $300 Million for Poor Compliance with 2012 Agreement
By Colby Adams
printStandard Chartered Bank will pay New York $300 million for anti-money laundering violations, nearly 90 percent the total of a separate fine that the institution paid to the state in 2012 for related sanctions troubles. New York's Superintendent of Financial Services Benjamin Lawsky said in a statement Tuesday that the state issued the fine and its complementary ban on certain U.S. dollar-clearing transactions in response to the institution's poor adherence to a $340 million settlement imposed two years ago for breaking state recordkeeping rules in connection to federal sanctions violations. A monitor appointed to Standard Chartered Bank (SCB) as part...
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