US Regulators Secure Billions from Banks in Money Laundering Settlements

By: Tuesday December 11, 2012 9:55 am

Yesterday was “bust British banks for money laundering” day in America, if you didn’t know. (It’s on the calendar.) First, the Treasury Department and other federal regulators – the US Attorney’s Office for DC, two divisions of the main Justice Department and even “orders involving the Board of Governors with the cooperation of the UK’s Financial Services Authority” – settled with Standard Chartered Bank for $327 million over various money laundering of funds from Iran and other countries under US sanctions.

 

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.

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.

Securitization Fraud Task Force Investigators Promise “Significant Action,” Sometime

By: Thursday August 16, 2012 6:35 am

CNN passes along a “no, really this time, seriously” promise that the RMBS (Residential Mortgage-Backed Securities) working group, tasked with looking into securitization fraud, will soon make a major announcement.

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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