Global Banks Rethink NY Bases After Standard Chartered Probe

Law360, New York (August 13, 2012, 8:32 PM EDT) -- International banks with New York branches are beginning to consider shifting to federal charters after the state’s banking regulator leveled extensive money-laundering allegations against Standard Chartered PLC, but experts say such a switch is costly and wouldn’t prevent the scrutiny of state regulators.

Even before the New York Department of Financial Services on Aug. 6 threatened the British bank's state banking license over allegations that it engaged in over $250 billion worth of illegal transactions with Iranian financial institutions for nearly a decade, foreign banks with...
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