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BREAKING NEWS

Standard Chartered 'to pay over money laundering monitor failures'

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Standard Chartered 'to pay over money laundering monitor failures'

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Standard Chartered is to pay as much as 300 million dollars (225 million euros) to New York’s banking regulator.

The settlement follows allegations that the British bank had failed to properly check possible money laundering, despite agreeing to do that.

Computer systems that were supposed to track international cash transfers apparently failed to do so.

The problem was identified through monitoring put in place two years ago after the bank was found to have deliberately removed identifying information from transactions linked to Iran, which was under US sanctions.