Standard Chartered looking to settle with New York regulators
London's Standard Chartered Bank has apparently decided that it would be better to reach a settlement with New York Bank regulators rather than fighting a long, drawn-out court battle.Negotiations are now going on. The London-based bank's US legal team have got as far as discussing an amount with regulators, indicating progress has been made before a Wednesday deadline, the sources told Reuters.More important than the fine is that they stop trading with Iran. The Obama administration keeps telling us to give sanctions a chance to work. It would be nice if they and the rest of the world gave sanctions a chance to work by implementing them completely and consistently.
Standard Chartered could be forced to pay a fine of up to $1 billion to settle the charges, analysts said last week, although there has been speculation that this figure could be higher to assuage the New York banking regulator pressing the case
New York's Department of Financial Services alleged last week that Standard Chartered hid transactions tied to Iran and the regulator's head, Benjamin Lawsky, ordered the bank to explain why it should not lose its license at a hearing scheduled for Wednesday.
"It looks like, rather than fight this in the courts, they're looking to resolve this, hopefully ahead of Wednesday," said Investec analyst Vivek Raja.
Labels: Iran sanctions regime, London, New York City
posted by Carl in Jerusalem @ 1:45 AM
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