Editing Standard Chartered (section)

====Money-laundering charges====
On 6 August 2012, the [[New York State Department of Financial Services|New York Department of Financial Services]] (DFS), led by [[Benjamin Lawsky]], accused Standard Chartered of hiding $250&nbsp;billion in transactions involving Iran, labelling it a "rogue institution". The bank was ordered to appear and defend its actions, or risk losing its license to operate in the state of [[New York (state)|New York]]. The DFS said it had documents showing a cover up of transactions allegedly used to fund terrorist groups in the Middle East.<ref name="GT-DEX-2012-CHS-01">{{Cite news |date=16 August 2012 |title=Standard Chartered may lose NY license over Iran ties |publisher=Reuters.com |url=https://www.reuters.com/article/us-standardchartered-iran-idUSBRE8750VM20120806?feedType=RSS&feedName=topNews&rpc=71 |access-date=16 August 2012}}</ref>

On 14 August 2012, Lawsky announced that the DFS and Standard Chartered reached a settlement that allows the bank to keep its licence to operate in New York. According to the terms of the settlement, the bank agreed to pay a $340 million fine.<ref name="NYT">[https://www.nytimes.com/2012/08/15/business/standard-chartered-settles-with-new-york-for-340-million.html?hp "British Bank in $340 Million Settlement for Laundering"], ''[[New York Times]]'', 14 August 2012. Retrieved 14 August 2012.</ref>

The bank agreed to install a monitor to oversee the bank's money laundering controls for at least two years, and appoint "permanent officials who will audit the bank's internal procedures to prevent offshore money laundering".<ref name="NYT" /> The monitor will report directly to the DFS.<ref>[http://www.nypost.com/p/news/business/standard_charter_to_pay_fine_rpycg1noycXdv7imdt5Z0H "Standard Charter to pay $340M fine"], ''[[New York Post]]'', 14 August 2012. Retrieved 15 August 2012</ref> Lawsky's statement said "the parties have agreed that the conduct at issue involved transactions of at least [[USD|$]]250bn."<ref name="BBC">[https://www.bbc.co.uk/news/business-19253666 Standard Chartered agrees settlement with New York regulator], 14 August 2012. Retrieved 14 August 2012.</ref> The bank issued a statement confirming that a settlement with the DFS had been reached and that "a formal agreement containing the detailed terms of the settlement is expected to be concluded shortly".<ref name="BBC" />

Other US agencies—including the [[Federal Reserve]], the [[Federal Bureau of Investigation]], the [[United States Department of the Treasury|Treasury Department]], and the [[United States Department of Justice|Justice Department]]—had also begun investigations into the laundering allegations and were reportedly taken off guard by the speed of the settlement.<ref name="NYT" />

The Treasury stated that its own investigation of Standard Chartered will continue.<ref name="WSJ">[https://www.wsj.com/articles/SB10000872396390444318104577589380427559426 "Standard Chartered to Pay $340 Million to Settle New York Case"], ''[[Wall Street Journal]]'', 14 August 2012. Retrieved 14 August 2017.</ref> Several financial analysts predicted that, due to its strong financial position, the bank would be able to easily cover the [[USD|$]]900 million fine without having to raise extra capital.<ref name="WSJ" />

On 6 August 2014, Lawsky was reported to be preparing a new action against Standard Chartered over computer system breakdowns and was "discussing a potential settlement".<ref>{{Cite news |last1=Silver-Greenberg |first1=Jessica |last2=Protess |first2=Ben |date=5 August 2014 |title=British Bank Standard Chartered Faces Action, Again, by New York State |work=[[The New York Times]] |url=https://dealbook.nytimes.com/2014/08/05/standard-chartered-bank-once-again-faces-action-by-new-york-state/ |access-date=6 August 2014}}</ref>

On 19 August 2014, the bank was fined $300 million by the [[New York Department of Financial Services]] for breach of money-laundering compliance related to potentially high-risk transactions involving Standard Chartered clients in Hong Kong and the UAE. The bank issued a statement accepting responsibility and regretting the deficiencies, at the same time noting the ruling would not jeopardize its U.S. licenses.<ref name="StandardChartered">{{Cite news |date=19 August 2014 |title=US regulators ask Standard Chartered to pay $300 mn penalty |publisher=newyorkcitynews.net |url=http://www.newyorkcitynews.net/index.php/sid/224901163 |access-date=19 August 2014}}</ref><ref>{{Cite news |last1=Protess |first1=Ben |last2=Bray |first2=Chad |date=19 August 2014 |title=Caught Backsliding, Standard Chartered Is Fined $300 Million |work=The New York Times |url=https://dealbook.nytimes.com/2014/08/19/standard-chartered-in-deal-with-new-york-regulator/?_php=true&_type=blogs&module=Search&mabReward=relbias%3Ar%2C%7B%221%22%3A%22RI%3A6%22%7D&_r=0 |access-date=21 August 2014 |archive-url=https://web.archive.org/web/20140821072359/http://dealbook.nytimes.com/2014/08/19/standard-chartered-in-deal-with-new-york-regulator/?_php=true&_type=blogs&module=Search&mabReward=relbias%3Ar%2C%7B%221%22%3A%22RI%3A6%22%7D&_r=0 |archive-date=21 August 2014}}</ref>

In April 2019, it was reported that Standard Chartered may have to pay approximately $1 billion to settle its ongoing investigations in the US and UK. Earlier in February the company had set aside $900 million towards resolution of violations of U.S. sanctions and forex trading regulations. The company also faces a penalty of roughly $134 million from the United Kingdom's [[Financial Conduct Authority]] related to historical financial crime controls which takes the amount to over $1 billion.<ref>{{Cite web |last=CNBC |date=2019-04-08 |title=Standard Chartered expected to pay over $1 billion to resolve probes |url=https://www.cnbc.com/2019/04/08/standard-chartered-expected-to-pay-over-1-billion-to-resolve-probes.html |access-date=2019-04-09 |website=www.cnbc.com}}</ref>

In March 2025, Standard Chartered launched an exclusive investment platform club for its ultra-high-net-worth clients as part of its business restructuing switching focus towards wealth management.<ref>{{cite news |title=Standard Chartered launches exclusive investment club for ultra-wealthy clients |url=https://www.channelnewsasia.com/business/standard-chartered-launches-exclusive-investment-club-ultra-wealthy-clients-4992101 |access-date=11 March 2025 |work=CNA |language=en}}</ref><ref>{{cite news |title=Standard Chartered launches exclusive investment club for ultra-wealthy clients |url=https://www.reuters.com/business/finance/standard-chartered-launches-exclusive-investment-club-ultra-wealthy-clients-2025-03-11/ |access-date=11 March 2025 |work=Reuters |date=11 March 2025}}</ref>