New York state officials are demanding answers from a New York branch of London-based Standard Chartered Bank that it accuses of handling more than $250 billion in illegal Iranian transactions. The investigation is just one of many the bank holding company has faced in recent years for lax BSA compliance. HSBC said regulators and government agencies continued to scrutinize its client activities and AML practices. The bank also has been ordered to undergo another review, this time with an auditor chosen by the state regulators. In a response issued late Aug. 6, the banking group disputes the state’s allegations.”]
Source: https://www.cuinfosecurity.com/money-laundering-controls-scrutinized-a-5020