Standard Chartered to pay $300m penalty to US regulator

Standard Chartered has been hit with yet another multi-million dollar fine, after it agreed to pay $300m (£180m) to New York's top banking regulator for failing to improve money laundering controls.

The British bank has also been banned from accepting new dollar clearing accounts without the state's approval, the BBC reports. The penalty comes after the bank failed to fix problems identified in 2012 centred on its dealing with Iran. "If a bank fails to live up to its commitments, there should be consequences," the New York State Department's Benjamin M Lawsky said. Standard Chartered said it "accepted" the findings of the New York State Department of Financial Services. "We are continuing the remediation of our AML {anti-money laundering] control issues with the utmost urge...