- Associated Press - Tuesday, August 19, 2014

ALBANY, N.Y. (AP) — New York regulators have reached agreement for Standard Chartered Bank to pay a $300 million penalty and suspend dollar exchanges through its New York branch for high-risk retail business clients at its SCB Hong Kong subsidiary.

The Department of Financial Services says the order signed Tuesday follows the bank’s failure to fix compliance problems against money laundering required in a settlement two years ago.

Regulators say the independent monitor established under that settlement found the bank failed to detect many potentially high-risk transactions for further review, with a significant number also originating from branches in the United Arab Emirates.

Standard Chartered did not initially reply to a request for comment.

The agreement gives the bank 30 days to develop a plan to fix the problems.