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BRIEF-Standard Chartered reaches $300 mln settlement with U.S. authorities
August 19, 2014 / 5:30 PM / 3 years ago

BRIEF-Standard Chartered reaches $300 mln settlement with U.S. authorities

2 Min Read

Aug 19 (Reuters) - Standard Chartered Plc

* Dfs consent order relating to standard chartered

* Announces it has reached a final settlement with new york state department of financial services

* Settlement regarding deficiencies in anti-money laundering transaction surveillance system at its new york branch.

* A civil monetary penalty of usd300m

* Enhancements to transaction surveillance system at new york branch

* A two-year extension to term of dfs-appointed independent compliance monitor

* Remediation measures will remain in place until transaction surveillance system's detection scenarios are operating to a standard approved by monitor

* Group's new york branch will not, without prior approval of dfs in consultation with monitor, open a usd demand deposit account for any client that does not already have such an account with group's new york branch

* As the Group prepares for the implementation of these remediation measures, it will individually notify and work closely with the small proportion of clients in Hong Kong and the United Arab Emirates who will be affected to minimise disruption. Source text for Eikon: Further company coverage:

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