Standard Chartered Plc is likely to pay between US$200 million and US$300 million to settle allegations by New York’s banking regulator that it failed to review high-risk transactions, two years after agreeing to reform its practices, Reuters reported on Monday, citing a source.
The announcement of the deal could come this week, possibly as soon as Tuesday, according to the source.
The penalty would be the second the British bank has paid to the New York Department of Financial Services in two years. In August 2012, Standard Chartered agreed to a US$340 million settlement over allegations that it stripped identifying information from transactions linked to Iran, making it impossible for US banks to detect them.
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