U.S.’ AML monitor extended by Standard Chartered, focuses on transaction monitoring – 30th May 2017

Standard Chartered Bank has extended its on-site independent monitor to examine its anti-money laundering operations in its New York branch for two years until December 31 2018. The focus is on more effective transaction monitoring. The bank is still upgrading its systems to implement a more effective transaction monitoring system and it has yet to complete its required remediation, according to the banking group’s agreement with the New York State Department of Financial Services (NYDFS) in a supplemental consent order on April 21 2017. “The rationale for the extension is laid out in the order but in short, although there has been substantial progress, the group needs more time to complete and test its remediation work,” a Standard Chartered Bank spokeswoman said.


Alex Davidson, Regulatory Intelligence