StanChart to pay up to $300m to New York banking regulator

19th Aug 2014 14:54

Asia-focused banking group Standard Chartered and New York's banking regulator are set to settle allegations regarding the bank's anti-money-laundering procedures as soon as this week.The bank is expected to pay a fine of up to $300m and has agreed to additional disciplinary measures, after it was accused of failing to catch millions of high-risk transactions that should have been left aside for later inspection.The $300m fine is less than the $340m the bank paid in 2012 to settle a dispute involving transactions for Iranian customers breaching US law. In the 2012 settlement, the FTSE-100 bank employed an independent monitor to watch over its global transactions. The current probe was provoked by the monitor's discovery of computer-system lapses, said the people familiar with the matter.As part of the current settlement, the bank could possibly extend the monitor's position for a further two years, one of the people said.As of 14:11 the share price had risen 0.45% to 1,219.68p.