Rep. Maloney applauds NYS settlement with Standard Chartered Bank over Iran money-laundering charges

WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services Committee, today applauded the settlement between the New York State Department of Financial Services and Standard Chartered Bank over money-laundering charges with Iran.

“As the world financial capital, it’s vital that New York State have a strong, modern regulatory regime addressing 21st-century financial threats,” Maloney said. “With the establishment of the Department of Financial Services, Gov. Cuomo has ensured just that.

“This $340 million settlement between DFS and Standard Chartered Bank is the largest any state regulator has ever issued, and it shows that when regulators do their job, the safety and soundness of the banking system—and the public at large—is protected. Despite naysayers from outside our state and our nation, this settlement with a London-based bank shows that swift, effective regulation can be a positive force in the marketplace—and for our country’s national security.”