London-based Standard Chartered Bank settles with New York state for alleged violations of Bank Secrecy Act. Bank accused of moving at least 60,000 secret transactions worth about $250 billion through its New York branch for Iranian financial institutions. Bank agreed to hire an independent monitor who will report directly to the state for the next two years about SCB’s money-laundering risk controls and corrective measures. Some observers say state regulators acted appropriately in enforcing requirements, others say they overstepped their authority.”]
Source: https://www.cuinfosecurity.com/scbs-340mm-penalty-signals-change-a-5053