New York regulator to end supervision of StanChart for compliance failings
LONDON (Reuters) - New York's Department of Financial Services (DFS) will end a period of monitoring of Standard Chartered on Dec. 31, the DFS said on Wednesday, bringing to a close one strand of the bank's punishment for past failings in compliance controls
LONDON (Reuters) - New York's Department of Financial Services (DFS) will end a period of monitoring of Standard Chartered on Dec. 31, the DFS said on Wednesday, bringing to a close one strand of the bank's punishment for past failings in compliance controls.
Standard Chartered agreed to the supervision with the regulator in 2012 as part of a wider settlement with U.S. authorities in relation to the bank's dealings with Iran-related entities. The bank agreed an extension to that deal, which saw an indepedendent monitor installed in the bank to check on progress in improving controls, in 2014 and again in April 2016.
That last extension was set to expire on Dec. 31 this year, but the news that there are to be no further extensions to the monitorship will be welcomed by StanChart bosses as they seek to convince U.S. authorities they have learned from past mistakes.
The bank's problems over failing in the past to prevent customers from breaching Iran-related sanctions are not over.
StanChart faces a separate investigation by U.S. authorities into the extent to which it allowed clients with Iranian interests to conduct transactions after 2007, as well as the extent to which it shared such dealings with authorities at the time of the 2012 settlement.
The end of the monitorship announced on Wednesday has no bearing on that investigation, StanChart said in a regulatory filing.
Media reports in October said the bank could face a further $1.5 billion fine for those violations, in addition to the $667 million it paid in 2012 to settle alleged breaches between 2001 and 2007.
The reports said the fine amount was a preliminary assessment based on some of the communications between the bank and regulators.
StanChart CEO Bill Winters in an internal email to staff in October criticised media coverage of the bank's efforts to improve its controls.
(Reporting by Lawrence White; Editing by Adrian Croft and David Evans)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Both were trying to free their motorcycle from the rail track when the accident occured, SP (City) Martand Prakash Singh said
NEW YORK (Reuters) -The price of cryptocurrencies plunged and crypto trading was delayed on Tuesday, a day in which El Salvador ran into snags as the first country to adopt bitcoin as legal tender. Shares of blockchain-related firms also fell as crypto stocks were hit by trading platform outages. But the major focus was on El Salvador, where the government had to temporarily unplug a digital wallet to cope with demand.
By Joseph White and Sanjana Shivdas (Reuters) -The head of Apple Inc's car project, Doug Field, is going to work for Ford Motor Co to lead the automaker's advanced technology and embedded systems efforts, a hiring coup for Ford Chief Executive Jim Farley.