Central Bank of the U.A.E. announced that it has taken note of the Consent Order entered into by the New York State Department of Financial Services and Standard Chartered Bank on 19 August 2014.
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 transfer 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 1400 to 8000 accounts maintained at the bank branches in the U.A.E..
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.
Source : WAM News Agency for United Arab Emirates
