The $340 million money-laundering settlement between the New York Department of Financial Services and Standard Chartered Bank this week sent a shock wave through international banks, but lessons of the surprise action by the upstart regulator are still murky, bankers and enforcement officials said.
Some said they were concerned that the settlement statement issued by the New York department failed to offer specific guidance on how to avoid running afoul of its standards on international financial sanctions -- unlike previous cases led by other authorities. Others said they will wait to draw conclusions until the Department of Financial Services (DFS) issues a formal written agreement on its deal struck Tuesday.
"When the feds announce a settlement it comes with a carefully crafted statement of fact. It articulates what the violations were with specificity. It sends a message to the international community and to banks," said a source close to a separate and continuing probe of Standard
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