Standard Chartered fined $300m over laundering controls

GMT 18:23 2014 Tuesday ,19 August

Arab Today, arab today Standard Chartered fined $300m over laundering controls

Arab Today

New York's banking regulator hit Standard Chartered Bank with a $300 million fine and restrictions on its dollar-clearing business Tuesday for inadequate controls on possible money laundering.
The New York Department of Financial Services said the British bank's internal compliance systems had failed to detect or act on a number of "potentially high-risk transactions" originating from Hong Kong and the United Arab Emirates.

 

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