NEW YORK – Standard Chartered Plc will overhaul the way its New York office complies with U.S. money-laundering laws, the Wall Street Journal reported on Monday.
Amid disclosures of compliance problems among several European banks, Standard Chartered last week signed an agreement with regulators that tacitly acknowledges major shortcomings in detecting and reporting suspicious financial activity, particularly in accounts that are held for other foreign banks that don’t have a license to operate in the United States, the newspaper said.
Standard’s agreement with officials is similar in nature to one signed by Dutch bank ABN Amro Holding NV in July, the article stated. Another bank to have reached an accord with regulators is HSBC Bank USA of Buffalo, a unit of HSBC Plc based in London.
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