Standard Chartered Bank admits laundering $250B, will pay $340M fine. By the way, looks like a repeat violation.

Standard Chartered signed a consent decree with the New York Department of Financial Services on September 21.  The signed agreement, which you can read here, acknowledges about $250 billion of wires in approximately 59,000 transactions were “repaired” with the intent of hiding whose money was involved. By way, there is a previous enforcement action […]Continue reading

Standard Chartered settles money laundering case. The latest in a string of settlements.

The British bank has agreed to a $340 million penalty to settle allegations from New York state regulators that the bank was laundering money for their Iranian customers. The Wall Street Journal describes a settlement in their article Bank Settles Iran Money Case. This is one in a long string of settlements for money-laundering. The […]Continue reading

“A bad quarter” versus “I could go to jail” – Is it time to indict a few bankers for money laundering?

Reuters reports “Exclusive: HSBC might pay $1.8 billion money laundering fine – sources”.  That’s up from the $1.5B they previously announced as a reserve. The article reports of leaks that a settlement could include a deferred prosecution agreement with the huge fine.  It then discusses the difficulty prosecutors are having in deciding whether to pursue […]Continue reading

How many stern warnings does a bank get before it winds up in real trouble?

Barclays settled with US regulators over its role in the fiasco about manipulating Libor. I’ve mentioned that mess in my other blog. As a part of that settlement, they signed a deferred prosecution agreement. They were already on probation for an earlier deferred prosecution agreement for money laundering. A Wall Street Journal article, Corporate […]Continue reading

Money laundering settlements. Are fines from the U.S. just a cost of doing business?

My previous post described the settlement by Standard Chartered bank with the New York state Department of Financial Services for $340 million over allegations of money-laundering. I also listed six other settlements I found in two Wall Street Journal articles here and here. $567M – 12-09 – Lloyds TSB Bank $536M – 12-09 – […]Continue reading