StanChart fined $300m over laundering controls

NEW YORK, Aug 20: New York state's banking regulator Tuesday hit Standard Chartered Bank with a $300 million fine and restrictions on its dollar-clearing business for failing to detect possible money-laundering.
The New York Department of Financial Services (DFS) said the British bank's internal compliance systems had failed to detect or act on a large number of "potentially high-risk transactions" mostly originating from Hong Kong and the United Arab Emirates.
The new punishment came two years after the bank paid US regulators $667 million to settle charges it violated US sanctions by handling thousands of money transactions involving Iran, Myanmar, Libya and Sudan.    — AFP