British Bank Agrees To $340 Million Settlement Over Laundering Charges | WAMU 88.5 - American University Radio

NPR : News

Filed Under:

    British Bank Agrees To $340 Million Settlement Over Laundering Charges

    Britain's fifth-largest bank has agreed to pay $340 million to settle charges by New York regulators that it laundered money for Iranian clients.

    NPR's Chris Arnold filed this report for our Newscast unit:

    "In court documents, the regulator alleged that for 10 years Standard Chartered Bank quote 'schemed with the Government of Iran and hid from regulators roughly 60,000 secret transactions... involving $250 billion dollars and reaping hundreds of millions of dollars in fees for the bank.'

    "The money flowed through the New York branch of the British bank. Under U.S. law, any money transfers coming from the Iranian banks involved must be subjected to regulatory scrutiny. Some transactions can be rejected for security reasons. So the British bank allegedly falsified documents to hide the source of the money.

    "Now, that the New York's superintendent of Financial Services Benjamin Lawsky has reached a settlement the British bank will install a monitor."

    The New York Times reports that this is a big win for New York's Department of Financial Services, which was just formed last year.

    Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.

    NPR

    Angelina Jolie On Her Film's 'Unbroken' Hero: 'He Was Truly A Great Man'

    Louis Zamperini was an Olympian before he enlisted in World War II and became a prisoner of war. Jolie says he told her to "make a film that reminds people that they have greatness inside themselves."
    NPR

    Japan's Butter Shortage Whips Its Cake Makers Into A Frenzy

    For the Japanese, Christmastime means sponge cake. But a nationwide butter shortage has lead to mandatory butter rationing, forcing cake bakers to seek out substitutes.
    WAMU 88.5

    Hogan Cabinet Appointments Expected In Annapolis Today

    Maryland governor-elect Larry Hogan will announce some of his cabinet appointments today, but there's no early indication which positions he will fill.

    NPR

    Major Movie Theater Chains Drop 'The Interview' After Threats

    Audie Cornish talks with LA Times Hollywood Editor Joe Bel Bruno about the latest surrounding hacker threats to Sony and theaters showing the film, The Interview.

    Leave a Comment

    Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.