UK bank hit with $300 million New York fine
Standard Chartered Bank will pay $300 million for not meeting the terms of a money laundering settlement with the state of New York.
Besides the payment, the British bank has to suspend the flow of currency between its New York and Hong Kong branches, and exit 'high-risk' client relationships in Saudi Arabia.
The New York State Department of Financial Services says Standard Chartered failed to fix its money-laundering problems as required by a 2012 settlement.
'If a bank fails to live up to its commitments, there should be consequences,' said Benjamin Lawsky, Superintendent of Financial Services, in a press release. 'This is particularly true in an area as serious as anti-money-laundering compliance, which is vital to helping prevent terrorism and vile human rights abuses.'
Standard Chartered hinted earlier this month that it would have be pay another fine for breaking the rules. The bank has already been fined twice for sanctions busting on Iran, Libya and Sudan, and also for money laundering, for a total of $667 million.
Reached earlier in the day when there were reports about the latest penalty, Standard Chartered spokesman Ashia Razzaq declined to comment.
First Published: August 19, 2014: 1:30 PM ET
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