Treasury Lowballs Settlement Against Standard Chartered, Despite Large Award to New York Regulator

By: Thursday September 13, 2012 7:15 pm

Several weeks back, Standard Chartered Bank, caught engaging in multiple acts of money laundering, settled with the New York Department of Financial Services for $340 million. At the time I wrote that if the Treasury Department and the other federal regulators cannot get as much from Standard Chartered as the DFS, “it will be completely embarrassing.”

Apparently, Treasury is so in the tank for the banking industry that they have no problem going the embarrassing route.


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.

New York Regulator Cites Standard Chartered Bank With $250 Billion in Illegal Transactions With Iran

By: Tuesday August 7, 2012 9:35 am

New York’s Department of Financial Services, under the authority of Benjamin Lawsky, has leveled a series of charges against Standard Chartered Bank, accusing it of working with Iran on 60,000 secret transactions involving $250 billion in funds. This violates federal law and international tracking of financing suspected in terrorism cases. DFS also found transactions between SCB and other countries previously restricted from bank transactions by the US, including Libya, Myanmar and Sudan. So what did federal regulators know and do about this?

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