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Standard Chartered to pay $300M in penalties

"If a bank fails to live up to its commitments, there should be consequences," New York banking regulator Benjamin Lawsky said in a statement.

Standard Chartered will pay $300 million in fines related to alleged money laundering. This comes two years after the U.K.-based bank paid $340 million in other penalties.

The $300 million is part of a settlement with the New York bank regulator, the Department of Financial Services. In addition, the bank will suspend dollar clearing involving some higher-risk retail clients in Hong Kong and it will also give up some clients in the United Arab Emirates.

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Ed Silverstein

Ed Silverstein is a veteran writer and editor for magazines, websites and newspapers. A graduate of Harvard's Kennedy School of Government, he has won several...

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