The New York Department of Financial Services’ $340 million settlement with Standard Chartered Bank over money-laundering allegations made history Tuesday: its was the largest fine over money laundering collected by a single U.S. regulator. And for financial institutions operating in the Empire State’s banking hub, the settlement—overseen by an agency that’s only nine months old—also marks a new chapter in an era of increased scrutiny over money laundering.
Now banks operating in the U.S. have to seriously reckon with one more regulatory authority.
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