Standard Chartered fined $300 mn over laundering controls | Bangkok Post: news

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Standard Chartered fined $300 mn over laundering controls

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New York state's banking regulator hit Standard Chartered Bank with a $300 million fine and restrictions on its dollar-clearing business Tuesday for not detecting possible money laundering. 

Standard Chartered billboards hang above a bank branch in Hong Kong on August 6, 2014

The New York Department of Financial Services (DFS) said the British bank's internal compliance systems had failed to detect or act on a large number of "potentially high-risk transactions" mostly originating from Hong Kong and the United Arab Emirates.

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