Money Laundering and Legal Compliance in the U.S. Financial Services Industry: The Case of Standard Chartered Bank

Abstract

In 2012, the New York Department of Financial Services threatened to revoke Standard Chartered Bank’s U.S. license for alleged money laundering violations involving Iran. The bank’s settlement with US regulators and law enforcement cost the bank approximately $1.099 billion. In 2013, as a signal that no bank was too big to jail, the Holding Individuals Accountable and Deterring Money Laundering Act was introduced into the U.S. Congress. We focus on a clinical examination of the Standard Chartered money laundering case and examine the role of the US regulators and law enforcement in the settlement.

Citation

Buchanan, B.G. and Zabala, C.A. (2017), "Money Laundering and Legal Compliance in the U.S. Financial Services Industry: The Case of Standard Chartered Bank", Aßländer, M.S. and Hudson, S. (Ed.) The Handbook of Business and Corruption, Emerald Publishing Limited, Leeds, pp. 255-278. https://doi.org/10.1108/978-1-78635-445-720161022