NEW YORK: British banking company Standard Chartered Plc (StanChart) will pay a US$300mil penalty and suspend or exit some important businesses after failing to weed out risky transactions that could be linked to money laundering.
The civil settlement announced by Benjamin Lawsky, the New York State financial services superintendent, came two years after StanChart agreed to pay US$667mil to a variety of US regulators to resolve similar charges, including US$340mil to Lawsky’s office. — Reuters
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