21st Aug 2014 13:54
LONDON (Alliance News) - Standard Chartered PLC is liable to legal action in the United Arab Emirates after agreeing to close some customers' UAE accounts earlier this week as part of an anti-money laundering settlement with US authorities earlier this week, Reuters reported on Thursday, citing the UAE central bank.
According to Reuters, the UAE central bank said between 1,400 and 8,000 Standard Chartered accounts in the UAE are expected to be affected.
The news comes after the bank agreed on Tuesday to pay a USD300 million civil monetary penalty to the New York State Department of Financial Services, suspend dollar clearing through its New York Branch for high-risk retail business clients in Hong Kong, and also exit high-risk client relationships within certain business lines at its branches in the UAE.
At the time, Standard Chartered said that it remained fully committed to Hong Kong and the UAE as key markets.
"We have noted the announcement by the UAE central bank and we always work with our regulators to achieve the right outcomes," a Standard Chartered spokesperson told Alliance News on Thursday.
http://www.reuters.com/article/2014/08/21/stanchart-emirates-idUSL5N0QR2OZ20140821
By Samuel Agini; [email protected]; @samuelagini
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