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Standard Chartered to Pay $300 Million to NY Regulator

Jaclyn Jaeger | August 20, 2014

British bank Standard Chartered agreed this week to pay a $300 million civil penalty to a New York state regulator for failing to remediate anti-money laundering compliance problems required by the bank’s 2012 settlement with the same regulator.

In addition to the $300 million civil penalty that Standard Chartered reached with the New York Department of Financial Services (DFS) on Aug. 19, the consent order also requires the bank to take a number of remedial measures.

The independent monitor of DFS, which the regulator installed at Standard Chartered as part of the 2012 agreement, uncovered Standard Chartered’s compliance remediation failures. Specifically, the monitor’s review of Standard Chartered’s...

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