Standard Chartered will soon begin sifting through a mountain of data for signs of possible money laundering or other criminal activity, as a result of faults in the software critical to its anti-money laundering compliance programme, two sources with knowledge of the matter said.
Because Standard Chartered clears about two million U.S. dollar transactions each month, the process of poring through the data will be 'a huge piece of work' that could take months, said one of the sources.
Both sources spoke on condition of anonymity as they are not authorised to speak publicly about the matter. As previously reported by Reuters, holes in the British bank's anti-money laundering net were uncovered by a monitor imposed by the New York Department of Financial Services (DFS) in 2012.
At that time, DFS and federal authorities took separate actions against Standard Chartered, fining the bank a total of $667m for violating U.S. sanctions by hiding transactions linked to Iran.
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