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August 12, 2014
06:35 EDTSCBFFStandard Chartered looks for signs of money laundering, Reuters says
Standard Chartered is poised to start looking through data for signs of potential money laundering or other illegal activity due to defects in the software that is crucial to its anti-money laundering compliance initiative, according to Reuters, citing two sources with knowledge of the matter. Reference Link
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November 13, 2015
12:18 EDTSCBFFStandard Chartered to pay $6.3M penalty to DOJ over Swiss Bank deal
The U.S. Department of Justice announced that Standard Chartered Bank Switzerland reached a resolution under the department's Swiss Bank Program. Under the terms of the resolution, the bank will pay a $6.337M penalty to avoid potential prosecution for helping U.S. citizens evade taxes. In accordance with the terms of the Swiss Bank Program, SCB Switzerland mitigated its penalty by encouraging U.S. accountholders to come into compliance with their U.S. tax and disclosure obligations. While U.S. accountholders at SCB Switzerland who have not yet declared their accounts to the IRS may still be eligible to participate in the IRS Offshore Voluntary Disclosure Program, the price of such disclosure has increased. Reference Link

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