- British Bank Accused of Hiding Transactions With Iran - The New York Times
- A Barclays deal with Standard Chartered? Not if Jamie Dimon can help it
But for a bank, regulatory fines are simply a cost of doing business. If the anticipated profits exceed the likely costs, the bank will continue to break the rules.
British Bank Accused of Hiding Transactions With Iran - The New York Times
And this is exactly what SCB has done. This is the value of transactions SCB illegally processed between , the period during which it was supposed to have implemented the changes specified in the Written Agreement.
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But will it, really? However, SCB says that it stopped breaking sanctions in The year is significant. But for SCB, interference with dollar clearing would be an even greater threat.
As an emerging-markets specialist, much of its business is in dollars. If it were shut out of dollar clearing, even temporarily, the damage to its business would be considerable. Treasury shut it out of dollar correspondent banking, and the sword of Damocles currently hanging over Danske Bank. They do not wish SBC to join their ranks. The lesson from this is that financial penalties alone are insufficient to deter banks from criminal activity.
A Barclays deal with Standard Chartered? Not if Jamie Dimon can help it
There must be serious risk to the business. The deal will allow ICBC to become a bigger player in emerging market finance, as well as giving it a foothold in the London market. The deal is expected to complete by the end of this year.
The Chinese bank, with m retail customers and 4. The deal is subject to a series of regulatory approvals, not least from the Financial Conduct Authority and the South Africa Reserve Bank. ICBC, which is a 20pc shareholder of SBG, wants to use the business to focus on money flows between China and Africa, as well as in other emerging markets.
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