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BRIEF-Standard Chartered to pay $300 million penalty, suspend or exit some business in settlement with NY regulator
August 19, 2014 / 4:32 PM / 3 years ago

BRIEF-Standard Chartered to pay $300 million penalty, suspend or exit some business in settlement with NY regulator

Aug 19 (Reuters) - Standard Chartered PLC : * To pay $300 million penalty, suspend dollar clearing through New York branch

for high-risk retail business clients at Hong Kong unit -- ny regulator * New York financial services superintendent benjamin lawsky says Standard

Chartered to exit high-risk client relationships in certain businesses at

United Arab Emirates branches * Lawsky says Standard Chartered will not accept new dollar-clearing clients or

accounts without his office’s prior approval * Lawsky says Standard Chartered will retain for two more years a monitor

originally installed in 2012 settlement with his office * Lawsky says sanctions reflect Standard Chartered bank’s failure to remediate

anti-money laundering compliance problems as required under 2012 settlement

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