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18th February 2016, 03:23 PM
Super Moderator
Join Date: May 2012
Re: DFS Standard Chartered

Hello, here I am providing you the details of the Department of Financial Services' of the Standard Chartered Bank as under:

About the service:

Following on from its disclosure of 6th August 2014, Standard Chartered (“the Group”) announces it has reached a final settlement with the New York State Department of Financial Services (“DFS”) regarding deficiencies in the anti-money laundering transaction surveillance system at its New York branch.

The settlement provisions are summarised as follows:

A civil monetary penalty of USD300m
Enhancements to the transaction surveillance system at the New York branch
A two-year extension to the term of the DFS-appointed independent compliance monitor
A set of temporary remediation measures


Within 30 days, requirements for inclusion of identifying information for originators
After 45 days, a restriction on USD clearing services for certain Hong Kong retail business clients
Within 30 days, enhanced monitoring of certain small and medium sized enterprise clients in the United Arab Emirates

Contact details:
Simon Kutner
Head of External Communications
Standard Chartered Bank
Tel: ++44 7876 002 013
Email: simon.kutner@sc.com

Julie Gibson
Head of Conduct & Compliance Communications
Standard Chartered Bank
Tel: +1 917 209 5872
Email: julie.gibson@sc.com

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