Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Standard Chartered liable to legal action: UAE Central Bank  Join our daily free Newsletter

MENAFN - Khaleej Times - 25/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) The British-based bank will be liable to legal action by the account owners "because of the material and moral damage which is falling on them", the central bank said.

Banking group Standard Chartered is liable to legal action in the UAE after it agreed to close some customers' UAE accounts in an anti-money laundering settlement with US regulators, the UAE Central Bank said on Thursday.

Under the settlement, announced on Tuesday, the bank agreed to pay a 300 million fine, end high-risk relationships with small- and medium-sized business clients in the UAE, and suspend the processing of dollar-denominated payments for some clients at its Hong Kong unit.

The threat of further legal action in the UAE is a further complication for StanChart Chief Executive Peter Sands, who is fighting to retain the backing of investors after a series of transgressions and a decline in the bank's earnings.

"We have noted the announcement made by the UAE Central Bank. We always work with our regulators to achieve the right outcomes," the lender said in an e-mailed statement.

Shares in the bank were down one per cent by 1415GMT.

Under the said Consent Order, the bank was fined and is subject to certain procedures for not fulfilling the requirements of the New York State Department of Financial Services, among which closure of accounts relating to persons and companies holding nationalities that cannot tansfer funds or deal in US dollar, as per the US law.


It is worth pointing out that the account numbers classified as such range from 1,400 to 8,000 accounts maintained at the bank branches in the UAE.

The central bank formed a team to review the records of accounts of these companies and their owners, to identify the violation as recoded in New York on every one of them.

The British-based bank will be liable to legal action by the account owners "because of the material and moral damage which is falling on them", the central bank said.

It added that its Consumer Protection Unit was willing to consider complaints from affected account holders. However it did not say if it believed any action was likely by account holders.

The central bank said that while Standard Chartered had not fulfilled US regulatory requirements, its UAE branches had committed "no significant violations" of international money laundering rules, such as the standards of the Financial Action Task Force, an inter-governmental body.

Standard Chartered said on Tuesday, after the settlement was announced, that it was in any case seeking to leave the business of serving small- and medium-sized clients in the UAE as part of a broad effort to sharpen its strategic focus.

"The UAE remains one of Standard Chartered's leading franchises globally and the move does not reflect a decreased focus on the country," it said in a statement.

 


Khaleej Times




  MENA News Headlines
 Sep 24 2016 - Spikes Asia Festival of Creativity 2016 Award Winners AnnouncedMENAFN Press
(MENAFN Press) SINGAPORE, Sept 24, 2016-(ACN Newswire)-The final day of Spikes Asia culminated in a ceremony to celebrate the winners of the annual Spikes Asia Awards. The industry gathered to ...

 Sep 24 2016 - Pagan Ritual for Social Justice is Open to the PublicMENAFN Press
(MENAFN Press) Online PR News – 24-September-2016 – Long Beach, CA – The pagan communitys belief systems are many and diverse. Many pagan spiritual systems are centered around at ...

 Sep 24 2016 - Saudi Arabia offers Iran to reduce oil productionMENAFN
(MENAFN) According to official sources, Saudi Arabia has offered to reduce oil production if rival Iran agrees to cap its own output this year.Accordingly, the offer, which has yet to be accepted or ...

 Sep 24 2016 - Egypt negotiates to receive USD300m of Sinai's loanMENAFN
(MENAFN) According to a government source, Egypt's Ministry of International Cooperation is about to receive Abu Dhabi Fund for Development (ADFD) loans geared for development projects in Sinai.The ...

 Sep 24 2016 - Qatar's CRA to order Ooredoo to provide access to QNBNMENAFN
(MENAFN) The Communications Regulatory Authority (CRA), Qatar National Broadband Network (QNBN) had issued a complaint issued against Ooredoo for not complying with an agreement to provide access to ...

 Sep 24 2016 - Kuwait- Sheikh Sabah Al-Khaled meets Latvian FMKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) NEW YORK, Sept 23 (KUNA) - First Deputy Premier and Foreign Minister of Kuwait Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah held talks here on Friday with Latvian ...

 Sep 24 2016 - Kuwait- Sheikh Sabah Al-Khaled meets Tanzanian FMKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) NEW YORK, Sept 23 (KUNA) -- Kuwait First Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah met on Friday the Tanzanian Minister ...

 Sep 24 2016 - Kuwait- Syria's truce meaningless without split of moderate opposition, terrorists - LavrovKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) NEW YORK, Sept 23 (KUNA) -- Russian Foreign Minister Sergei Lavrov said Friday any cessation of hostilities in Syria would be "meaningless" without separation of ...

 Sep 24 2016 - Kuwait- Still no conclusive evidence IS used mustard gas in Iraq - PentagonKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) WASHINGTON, Sept 23 (KUNA) -- There is "no conclusive evidence" yet that mustard gas was used by the so-called Islamic State (IS) in a recent failed attack on US ...

 Sep 24 2016 - Kuwait- Still no conclusive evidence IS used mustard gas in Iraq - PentagonKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) (Reopens) WASHINGTON -- In Syria, Turkish and coalition forces have cleared five additional villages along Syria's northern border with Turkey. Furthermore, ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help