US Regulators Secure Billions from Banks in Money Laundering Settlements

By: Tuesday December 11, 2012 7:02 am

Yesterday was “bust British banks for money laundering” day in America, if you didn’t know.

Treasury Lowballs Settlement Against Standard Chartered, Despite Large Award to New York Regulator

By: Thursday September 13, 2012 8:17 am

Several weeks back, Standard Chartered Bank, caught engaging in multiple acts of money laundering, settled with the New York Department of Financial Services for $340 million. At the time I wrote that if the Treasury Department and the other federal regulators cannot get as much from Standard Chartered as the DFS, “it will be completely [...]

Federal Financial Regulators Getting Around to Investigating Money Laundering, After Being Schooled on Standard Chartered

By: Monday August 20, 2012 12:33 pm

Benjamin Lawsky’s impertinent insistence that Standard Chartered Bank actually did something wrong when it facilitated $250 billion in money laundering has really scrambled the federal regulatory response to similar charges. Because the dirty secret is that practically EVERY big bank may have engaged in similar behavior. And now the regulators, embarrassed into action by Lawsky, [...]

Securitization Fraud Task Force Investigators Promise “Significant Action,” Sometime

By: Thursday August 16, 2012 6:18 am

CNN passes along a “no, really this time, seriously” promise that the RMBS working group, tasked with looking into securitization fraud, will soon make a major announcement. A joint federal and state probe into mortgage-backed securities fraud is close to “significant action,” with a possible announcement in coming weeks or months, according to a source [...]

Standard Chartered Backing Down in Money Laundering Probe

By: Monday August 13, 2012 8:55 am

After flirting with a countersuit, Standard Chartered Bank is slowly coming around to the deal offered them by New York’s Department of Financial Services in a money-laundering scandal. The bank has agreed to an outside monitor that would oversee compliance with state and federal anti-money laundering laws. This is a prelude to agreeing to an [...]

New York Financial Regulator Doing His Job, Upsetting His Counterparts in US and Britain

By: Friday August 10, 2012 8:55 am

This Standard Chartered Bank story has become really intriguing, mainly because New York Department of Financial Services head Benjamin Lawsky committed the unpardonable sin of doing his job. The story so far: this week, the DFS cited Standard Chartered with $250 billion in illegal money-laundered transactions with the government of Iran. It’s only the latest [...]

Fraud Pays: Regulators Slow to Prosecute, Focused on Civil Rather than Criminal Penalties

By: Wednesday August 8, 2012 8:15 am

The question that many of us asked in the wake of the revelations about money laundering at Standard Chartered Bank is why the federal regulators did apparently nothing, and that this had to get revealed by New York’s Department of Financial Services. The credible speculation here is that the feds were working on a deferred [...]

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