Big 'laundering' fine looms for SCB
Standard Chartered Plc has agreed to a New York Department of Financial Services demand that the bank hire an outside monitor to ensure compliance with the United States anti-money laundering laws, according to a person familiar with the matter.
The agreement on the monitor, mandated by the regulator in an Aug 6 order, stems from negotiations between the bank and state officials ahead of an Aug 15 hearing at which Standard Chartered will be asked to explain why its license to do business in New York shouldn't be revoked.
New York banking Superintendant Benjamin Lawsky alleged London-based Standard Chartered flouted US banking laws as part of a decade-long deception, helping launder about $250 billion in Iranian funds in contravention of US statutes and without proper disclosure. Lawsky is said to seek as much as $700 million to settle the investigation, another person familiar with the case said.
