Standard Chartered fined $300m for poor money laundering controls
US authorities fined British bank Standard Chartered another $300m (£180.5m) last night, for failing properly to check transactions for evidence of money laundering.
The charge, from the New York Department of Financial Services (DFS), comes two years after the same regulators fined the bank $340m for breaking sanctions with Iran.
The DFS put monitors into the bank, who then found these failings.
“If a bank fails to live up to its commitments, there should be consequences,” said DFS boss Benjamin Lawsky.
“That 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 has also been ordered to suspend dollar clearing through its New York branch for some high-risk clients, and cannot accept new dollar-clearing clients without the DFS’ say so.