$340M Standard Chartered Deal Shows New Watchdog Can Bite

Law360, New York (August 14, 2012, 7:12 PM EDT) -- The New York Department of Financial Services' $340 million settlement with Standard Chartered PLC not only brought a swift end to the agency's allegations that the British bank helped Iranian government-backed banks transfer more than $250 billion in violation of U.S. sanctions, but also marked the arrival of a new and aggressive regulator, experts say.

When the DFS brought its case against Standard Chartered, alleging more than $250 billion in illegal money transfers over the course of nearly a decade, many scoffed at the relatively new...
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