Another International Bank Cops to Money Laundering Violations With Iran

By: Thursday August 23, 2012 6:00 am

I think what we’ve learned by now is that every international bank in the world may have violated US anti-money laundering guidelines, specifically when it came to doing business with countries barred by sanctions. Royal Bank of Scotland is only the latest, and you can add it to the growing list of firms we know engaged in this, including Standard Chartered, Wells Fargo, Citi, Deutsche Bank, HSBC, Germany’s Commerzbank, Japan’s Sumitomo Mitsui Financial Group, Holland’s ING Direct and more.


Federal Financial Regulators Getting Around to Investigating Money Laundering, After Being Schooled on Standard Chartered

By: Monday August 20, 2012 2:45 pm

Benjamin Lawsky’s impertinent insistence that Standard Chartered Bank actually did something wrong when it facilitated $250 billion in money laundering has really scrambled the federal regulatory response to similar charges. Because the dirty secret is that practically EVERY big bank may have engaged in similar behavior. And now the regulators, embarrassed into action by Lawsky, have to do their job. The latest target is Deutsche Bank, but note the reference to “several other global banks” in the story.

Standard Chartered Bank Settles With New York State Over Money Laundering for $340 Million

By: Tuesday August 14, 2012 2:50 pm

Standard Chartered Bank avoided a contentious Wednesday hearing that could have led to the revocation of their ability to do business in the state of New York, by reaching a settlement with the state Department of Financial Services for $340 million over widespread money laundering charges. This is a bit less than some of the rumors that came out yesterday about the negotiations, but it does include a monitor for New York to enforce compliance.

Standard Chartered Backing Down in Money Laundering Probe

By: Monday August 13, 2012 11:45 am

After flirting with a countersuit, Standard Chartered Bank is slowly coming around to the deal offered them by New York’s Department of Financial Services in a money-laundering scandal. The bank has agreed to an outside monitor that would oversee compliance with state and federal anti-money laundering laws. This is a prelude to agreeing to an expansive settlement,

New York Financial Regulator Doing His Job, Upsetting His Counterparts in US and Britain

By: Friday August 10, 2012 11:20 am

The story so far: this week, the DFS cited Standard Chartered with $250 billion in illegal money-laundered transactions with the government of Iran. It’s only the latest in a series of money laundering revelations at the world’s major financial institutions, something that can only be described as epidemic. These have been resolved by global financial regulators by either ignoring it or setting up some predetermined settlement. But Lawsky didn’t get the memo. He filed the complaint and set up a court date for next week with Standard Chartered, with the ultimate goal of taking away their ability to do business in the state.

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