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FBN’s Liz MacDonald with news that Standard Chartered has been hit with a $340 million fine to pay up to the top New York banks regulator.
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7 o'clock aren't we got some breaking news standard chartered getting hit with a fine as we mentioned earlier and that it's not all Liz MacDonald hear the details -- your breath.
Financial services one a penalty of three of 340 million dollars it's a civilian penalty.
Against standard chartered both sides according to a statement from Benjamin loss -- -- the superintendent.
Of -- -- financial services both sides he's saying agreed that the conduct at issue involved transactions.
Other -- 250 billion dollars.
This is an important development because the bank was thought to be seeking just a penalty of five million dollars and disputing -- size the dollar amount of the transactions being at just fourteen million dollars.
There's more the bank has said it will install up.
Pot a monitor for a term of at least two years -- report to New York State's department services who's gonna get a basically evaluate the money laundering risk controls at the that the New York.
Branch.
Tracy mentioned this early.
Essentially -- standard chartered has been out in the media's downplaying.
This dollar amount and the chargers at but they also hacked emails at the same time from the top executives.
Saying look we face serious criminal liability here and reputation -- damage to the bank.
And individuals at the bank.
-- we talked about this last week -- this money came through New York banks.
If they had gone through let's say German banks would we've ever caught them.
Now -- wouldn't have been an -- on I think for United States but there's another development to.
The bank is also agreeing to permanently -- personnel within its New York branch to oversee and to audit any offshore money laundering.
Due diligence and monitoring done by the banks so that's another development.
Also the hearing for Tamar has been adjourned it has been canceled their not gonna do that hearing tomorrow because this is the holy should now put to rest you know than we do not -- does not see is this an indication whether there are -- all the other probes have been laid to rest.
The finalists sentence in the statement reads we will continue to work with federal estate partners on this matters.
So that means that possibly the DOJ to -- -- gently probe continues.
Yeah and also in Manhattan DA probe continues.
So will be staying on -- here -- the developments come in and report back instantly hear enough so 340 million dollar fine.
Standard chartered has agreed to sales and in the five million is an Indian health regulator yeah that's right I it's not sure -- -- -- --
