Regulators and British Bank Reach Settlement Over Money Laundering

Wednesday, August 15, 2012

Met Life building, Standard Chartered Bank (Stephen Nessen/WNYC)

British bank Standard Chartered reached a settlement with the Department of Financial Services New York’s top banking regulator over allegations that it laundered some $250 billion dollars for Iranian clients. Standard Chartered agreed to pay $340 million — a paltry sum next to the total figure linked to the banks Iranian clients.

The settlement lets the bank keep its license to operate in New York and avoids an embarrassing public showdown. Jessica Silver-Greenberg, a reporter for The New York Times, explains the significance of the settlement.


Jessica Silver-Greenberg

Produced by:

Mythili Rao

Comments [2]

Larry Fisher from Brooklyn, N.Y.

340 million dollars is a lot of scratch... Does anyone in the company get a pay cut on salary? Does money come out of the people who committed the transactions?... Is anyone who committed the crime even in the Company today...?

I got a feeling that the guy who came around with the cart of pastries was fired today and that is where the punishment ended...

Other banks should be under scrutiny. All banks need to be under scrutiny... Banks have nothing to worry about being under scrutiny if they are doing the right thing.

Aug. 15 2012 11:02 AM
Robert from Manhattan

So let me get this straight, the message to the banks money laundering division is - put aside 10% of your money laundering totals to pay for the fines you will have to pay. And dont whine about it because its still a very profitable division. They should've yanked their license to do business in the US, and that would've sent the right signal to the greedy bankers and their greedy board of directors. This is why their is Occupy Wall St.

Aug. 15 2012 08:55 AM

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