August 19, 2014 / 4:57 PM / in 3 years

Standard Chartered to pay $300 mln penalty - N.Y. official

NEW YORK, Aug 19 (Reuters) - British banking giant Standard Chartered Plc will pay a $300 million penalty and suspend or exit some businesses after failing to fix problems required under a 2012 settlement with a New York state financial regulator to address suspected money laundering.

In the latest settlement, announced on Tuesday by Benjamin Lawsky, the New York State financial services superintendent, Standard Chartered agreed to suspend dollar-clearing operations for high-risk clients at its Hong Kong unit, and exit high-risk client relationships in the United Arab Emirates.

It also agreed to obtain approval from Lawsky’s office before opening new U.S. dollar-clearing accounts, and to retain a monitor appointed in the 2012 settlement for two more years. (Reporting by Jonathan Stempel in New York and Steve Slater in London; Editing by Jeffrey Benkoe)

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