Standard Chartered Said In Settlement Talks, As Firm Agrees To N.Y. Monitor

Reuters reports that the settlement negotiations are expected to last through the weekend and could result in a resolution by next week, these people said. The negotiations are at a delicate stage and could collapse, these people said.

Bloomberg reports that the bank will comply with a New York Department of Financial Services demand that the bank hire an outside monitor to ensure compliance with U.S. anti-money laundering laws, according to a person familiar with the matter.

The agreement on the monitor, mandated by the regulator in an August 6th order, stems from negotiations between the bank and state officials ahead of an August 15th hearing at which Standard Chartered will be asked to explain why its license to do business in New York shouldn’t be revoked.

image: © Jan Krömer