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.
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.
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.
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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.