Sad to report.
With a banking heritage spanning more than 150 years, Standard Chartered has developed extensive global reach and a strong position in emerging markets and new trade corridors.
Banking group Standard Chartered is liable to legal action in the United Arab Emirates after it agreed to close some customers' UAE accounts in an anti-money laundering settlement with U.S. regulators, the UAE central bank said on Thursday.
A $300m fine on Standard Chartered for lapses in anti-money laundering controls has piled pressure on the bank's board, coming after a series of transgressions and a drop in earnings that had prompted calls for change at the top.
Standard Chartered Bank has agreed to pay $300 million and enact several business changes because of anti-money laundering compliance failures.
Standard Chartered is set to pay $200-$300m to settle failed high-risk transactions review allegations by New York Department of Financial Services.
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.
A senior executive at Standard Chartered bank has complained that bankers are being treated "like criminals" when money laundering rules are broken.
Standard Chartered said it made provisions of about $175m related to a fraud in China, where the government is investigating a lending scandal involving metal stockpiles in the port city of Qingdao.
Standard Chartered is facing another substantial fine from U.S. regulators as it announced its first-half profits fell by 20 percent from the same period in 2013, to $3.27 billion.
Standard Chartered Chief Executive Officer Peter Sands, facing reports of disgruntled investors, is set to post the bank’s second straight drop in first-half profit Wednesday.
Standard Chartered Bank has announced the appointment of Heidi Toribio as managing director and head of the Financial Institutions practice for the Bank in the Americas.