6th Aug 2014 05:57
LONDON (Alliance News) - Standard Chartered PLC is set to face action from New York's financial regulator over failures in a computer system designed to detect transactions vulnerable to money laundering, The New York Times reported on Wednesday.
Benjamin Lawsky, the city's superintendent of Financial Services, is discussing a settlement with the bank, the newspaper reported, citing sources briefed on the matter. He is understood to have warned he could file an enforcement action should the talks fall apart.
The news comes ahead of Standard Chartered's half-year results Wednesday, in which the bank is expected to disclose Lawsky's investigation.
http://dealbook.nytimes.com/2014/08/05/standard-chartered-bank-once-again-faces-action-by-new-york-state/?_php=true&_type=blogs&ref=business&_r=0
By Sam Unsted; [email protected]; @SamUAtAlliance
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