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USA fines UK bank $300 million

Standard Chartered Bank did not meet the terms of a money laundering settlement with the state of New York

Baku. 21 August. REPORT.AZ/ Standard Chartered Bank will pay $ 300 million for not meeting the terms of a money laundering settlement with the state of New York. “This is particularly true in an area as serious as anti-money-laundering compliance, which is vital to helping prevent terrorism and vile human rights abuses,” said Benjamin Lawsky, Superintendent of Financial Services.

In a written statement, Standard Chartered Bank said that it regrets the deficiencies in the anti-money-laundering transaction surveillance system at its New York branch. The bank also noted that it has already begun extensive remediation efforts in order to solve the problems between customers.

Earlier this month, the bank was fined for sanctions busting on Iran, Libya and Sudan for a total of $667 million.

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