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StanChart fined for not detecting money laundering

New York State’s banking regulator has fined Standard Chartered Bank with a $300 million and put restrictions on its dollar-clearing business for not detecting possible money laundering. The New York Department of Financial Services (DFS) said the British bank’s internal compliance systems had failed to detect or act on a large number of ‘potentially high-risk transactions’ mostly originating from Hong Kong and the United Arab Emirates. The new punishment came two years after the bank paid US regulators $667 million to settle charges it violated US sanctions by handling thousands of money transactions involving Iran, Myanmar, Libya and Sudan. A DFS monitor appointed in 2012 to keep an eye on the bank discovered that it had not detected the allegedly high-risk transactions from Hong Kong and the UAE or reported them as it should have, the department said.

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