British bank Standard Chartered Plc will pay $300 million to New York’s financial regulator to settle accusations that it failed to notice high-risk transactions despite the fact that it agreed to reform its practices two years ago.
New York’s superintendent of financial services Benjamin Lawsky said that the bank’s anti-money laundering procedures missed millions of high-risk transactions, which should have been marked for review, The Wall Street Journal reports, although it remains unclear whether any of the transactions was illegal.
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