Seeking Alpha

Standard Chartered, NY banking regulator near settlement

  • Standard Chartered (OTC:SCDRF, OTCPK:SCBFF) is nearing a $200M-$300M settlement with the New York Department of Financial Services over its alleged failure to flag high risk transactions.
  • The penalty would be the second Standard Chartered has paid to the banking regulator in the last two years. In 2012, the bank agreed to pay a $340M settlement over allegations that it erased identifying information from transactions linked to Iran in order to avoid U.S. detection.
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