BANK REGULATORY – Settlement Achieved

As we anticipated in our earlier blogs, Standard Chartered Bank settled the case today, one day before Wednesday’s hearing.    The early disclosure concerning the settlement sets a civil penalty of $340 M.  This penalty seems rather light in face of what the New York Banking regulator had described as violations involving $250B of Iranian transactions.  A monitor will be onsite for at least two years and will report to the New York state banking regulators.  ( 


The Joint Written Agreement also requires an Anti-Money Laundering program with independent testing and audit to improve internal controls and to ensure compliance with the Bank Secrecy Act.  It is a good read for any financial institution carrying on business in the United States, even peripherally.  ( )


With this case behind them, SCB will have two main jobs: firstly, resolving the case brought by the US Department of Justice and the Manhattan district attorney; and secondly, deploying a team to develop the compliance and AML program required by the JWA which is attuned to and in keeping with U.S. laws.  These are better uses of its management time rather than defending itself against the regulatory charges on Wednesday. 


Most importantly, SCB keeps its New York banking license. 

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