Following failure to improve money laundering controls, Standard Chartered has reportedly agreed to pay 300 million dollars (£180m) in penalty to New York's top banking regulator. According to the BBC, the British bank has also been banned from accepting new dollar clearing accounts without the state's approval.
The New York State Department's Benjamin M Lawsky said that if a bank fails to live up to its commitments, there should be consequences. Accepting the findings by the New York State Department of Financial Services, Standard Chartered said that it was continuing the remediation of its anti-money laundering (AML) control issues with the utmost urgency, in addition to improving its compliance programmes. The bank was fined after it failed to fix problems that were pinpointed in 2012.