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StanChart CEO: problems with NY regulator not same scale as 2012
August 6, 2014 / 9:57 AM / 3 years ago

StanChart CEO: problems with NY regulator not same scale as 2012

LONDON, Aug 6 (Reuters) - Standard Chartered's chief executive said problems in its systems relating to detecting transactions that are being investigated by New York's regulator are not of the scale as the anti-money laundering issues that rocked the bank two years ago.

Standard Chartered said on Wednesday it expects to be fined by New York's regulator for the latest problems, but CEO Peter Sands said he expected the penalty to be less than the $340 million it paid to New York two years ago for breaking U.S. sanctions on Iran.

"We do not believe the impact to be of the same scale as the very different issues the group faced two years ago ... we believe the monetary penalty will be less than we paid to the DFS (New York regulator) in 2012," Sands told reporters on a conference call after releasing half-year results.

Sands said it related to systems and computer problems identified in its post-transaction surveilance systems. (Reporting by Steve Slater; Editing by Matt Scuffham)

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