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| Standard Chartered to pay $300m penalty to NY regulator | Standard Chartered to pay $300m penalty to NY regulator |
| (about 3 hours later) | |
| Standard Chartered has agreed to pay $300m (£180m) to New York's top banking regulator for failing to improve money laundering controls. | Standard Chartered has agreed to pay $300m (£180m) to New York's top banking regulator for failing to improve money laundering controls. |
| The British bank has also been banned from accepting new dollar clearing accounts without the state's approval. | The British bank has also been banned from accepting new dollar clearing accounts without the state's approval. |
| The penalty comes after the bank failed to fixed problems identified in 2012. | The penalty comes after the bank failed to fixed problems identified in 2012. |
| "If a bank fails to live up to its commitments, there should be consequences," the New York State Department's Benjamin M Lawsky said. | "If a bank fails to live up to its commitments, there should be consequences," the New York State Department's Benjamin M Lawsky said. |
| Standard Chartered said it "accepted" the findings of the New York State Department of Financial Services. | Standard Chartered said it "accepted" the findings of the New York State Department of Financial Services. |
| "We are continuing the remediation of our AML [anti-money laundering] control issues with the utmost urgency, in addition to improving our compliance programmes generally," it added. | |
| It said a "small proportion" of its clients would be affected by the suspension of dollar clearing for high risk retail clients at its Hong Kong unit, and the banning of high-risk client relationships in the United Arab Emirates. | It said a "small proportion" of its clients would be affected by the suspension of dollar clearing for high risk retail clients at its Hong Kong unit, and the banning of high-risk client relationships in the United Arab Emirates. |
| Standard Chartered warned earlier this month that it could face more US fines over its money-laundering controls as it reported a 20% fall in half-year profits. | Standard Chartered warned earlier this month that it could face more US fines over its money-laundering controls as it reported a 20% fall in half-year profits. |
| In 2012, the bank agreed a $340m fine with the New York State Department of Financial Services (DFS) after it was accused of hiding $250bn of transactions with Iran. | In 2012, the bank agreed a $340m fine with the New York State Department of Financial Services (DFS) after it was accused of hiding $250bn of transactions with Iran. |