Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Standard Chartered penalty rumored to be $300M for this round of money laundering issues

leave a comment »

Financial Times is reporting StanChart faces fresh $300M US settlement.

This is up from the previously rumored amount of $100M, and would be close to the amount from the previous settlement.

Article says an agreement may be signed this week.

It will likely include having the outside monitor continue in place. The article also explains this is a continuance of the previous issues which generated the 2012 settlement.

The chairman of StanChart reportedly irritated the regulators when he characterized this issue

..as “clerical errors” …

The article says that comment generated a request to visit DC to be chastised by the regulators. Previous articles suggested his trip was to help negotiate a settlement. If I’m reading this correctly, the nature of that trip is not what was previously described. Did I miss something?

The head of the bank’s Asia operations is paraphrased and quoted in the article as complaining the bank is being treated as a criminal. Well, sir, when you have a repeat violation of criminal law, that is what tends to happen.

Keep an eye out for a settlement soon.

Update: Settlement this week turned out to be on Tuesday. See update.

Written by Jim Ulvog

August 19, 2014, 7:54 am at 7:54 am

Posted in Other stuff

Tagged with

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: