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StanChart says it will work with regulators after UAE warning
August 21, 2014 / 1:40 PM / 3 years ago

StanChart says it will work with regulators after UAE warning

LONDON, Aug 21 (Reuters) - Standard Chartered on Thursday said it would work with regulators after the United Arab Emirates central bank warned it could face legal action after agreeing to close some customers’ UAE accounts in an anti-money laundering settlement.

“We have noted the announcement made by the UAE Central Bank. We always work with our regulators to achieve the right outcomes,” the bank said in a statement.

Under the settlement, announced on Tuesday, the bank agreed to pay a $300 million fine, end high-risk relationships with small- and medium-sized business clients in the UAE, and suspend the processing of dollar-denominated payments for some clients at its Hong Kong unit.

Reporting by Matt Scuffham

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