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The Morning Risk Report: Standard Chartered Seeks Resolution With U.S. on Sanctions Breaches |
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Chief Executive Bill Winters said Standard Chartered is ‘intensely focused on putting the issues behind us on terms that are fair and appropriate.’ PHOTO: QILAI SHEN/BLOOMBERG NEWS
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Good day. Standard Chartered PLC chief executive Bill Winters told senior staff Tuesday the bank is working on an “acceptable resolution” with U.S. authorities over historic sanctions violations that are expected to result in a $1 billion-plus fine.
Standard Chartered is “closely engaged in constructive, ongoing discussions” with authorities about the transactions in question, most of which date back to before 2012, Mr. Winters said in a memo, the contents of which a spokeswoman confirmed. No transactions occurred after 2014, he said.
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The bank paid $667 million in 2012 to settle U.S. authorities’ allegations of potential sanctions breaches between 2001 and 2007 that included transactions with Iranian companies. Standard Chartered formally stopped doing business with known Iranian parties in 2007.
The current probe is over whether failures in its conduct and controls allowed clients with Iranian interests to continue doing business after 2007, and whether the bank fully disclosed any such lapses with U.S. authorities before the 2012 settlement, Standard Chartered said previously.
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Countries Face Rising Exposure to Money Laundering, Report Finds |
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More countries are showing heightened risks of exposure to money laundering, according to an annual ranking of countries assessing their money-laundering risk, Risk & Compliance Journal's Samuel Rubenfeld reports.
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‘Golden Visa’ Programs Open Borders to Corruption, Report
Says |
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Wealthy individuals from around the world have a red carpet into Europe at a time when many countries in the continent are cracking down on the flow of migrants, according to a report from two anti-corruption groups.
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HSBC to Pay $765 Million to Settle Probe |
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HSBC Holdings PLC will pay $765 million to settle Justice Department claims that it willfully covered up risks associated with residential-mortgage products in the run-up to the last housing-market downturn.
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Google Appeals $5 Billion EU Fine in Android Case |
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Alphabet Inc.’s Google filed an appeal of the European Union’s $4.97 billion antitrust fine for allegedly abusing the dominance of its Android operating system for mobile phones.
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Italy Watchdog Casts Doubt on Official Growth Estimate |
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Italy’s fiscal watchdog criticized the economic forecasts of the country’s new government, in a blow to the credibility of budget policies that are unnerving investors and the European Union.
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IMF Warns of Possible Emerging-Market Crisis |
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A new study by the International Monetary Fund projects emerging economies will muddle through recent market turbulence without a severe shock to their financial systems, but flags an outside chance of a crisis.
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Hurricane Michael Gains Strength as It Takes Aim at North
Florida |
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Hurricane Michael strengthened to a Category 3 storm over the Gulf of Mexico Tuesday while bearing down on the Florida Panhandle, which braced for winds and life-threatening flooding.
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Sears Prepares for Bankruptcy Filing as Debt Payment
Looms |
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Sears Holdings Corp. has hired M-III Partners LLC to prepare a bankruptcy filing that could come as soon as this week, according to people familiar with the situation, as the cash-strapped company that once dominated U.S. retailing faces a debt-payment deadline.
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Pfizer Prepares for CEO Transition With Executive Suite Changes |
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Pfizer Inc. assigned new leadership roles and jobs to a range of top executives, as the drugmaker prepares for Albert Bourla to begin his tenure as chief executive in January.
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U.K. Regulator Launches Review of Audit Sector |
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The U.K. Competition and Markets Authority launched a review into the country’s audit sector to examine whether it is competitive and resilient enough to maintain high standards of quality, the regulator said Tuesday.
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