NEW YORK CITY: New York state’s banking regulator hit Standard Chartered Bank with a $300 million fine and restrictions on its dollar-clearing business on Tuesday (Wednesday in Manila) for not detecting possible money laundering.
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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