19th Aug 2014 05:45
LONDON (Alliance News) - Standard Chartered PLC is in talks to pay up to USD300 million to settle allegations made by the New York banking regulator that it failed to identify suspicious transactions, despite having pledged to improved its procedures following a fine for violating sanctions two years ago, the Financial Times reported Monday.
The New York Department of Financial Services may announce the settlement as soon as this week, the FT said, citing sources familiar with the matter. In addition, the paper reports that the bank is likely to agree to additional disciplinary measures, including extending the contract of an independent monitor charged with identifying suspect transactions.
The investigation is a follow-up to the 2012 settlement the bank made with US authorities, including the DFS, after it was found to have violated US sanctions prohibiting transactions with Sudan, Iran, Libya and Myanmar.
http://www.ft.com/cms/s/0/1e8f7240-26f2-11e4-a46a-00144feabdc0.html?ftcamp=crm/email/2014819/nbe/UKBusiness/product#axzz3AigtG1gL
By Sam Unsted; [email protected]; @SamUAtAlliance
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