Central Bank challenges Standard Chartered over SME account closures | The National:
"Standard Chartered’s woes deepened yesterday.
The Central Bank of the UAE said that StanChart’s plans to close the majority of its small and medium enterprise (SME) accounts in the country, as part of a $300 million settlement with US authorities, would be subject to legal action from affected account holders.
In a statement yesterday, the Central Bank said that StanChart’s closure of SME accounts in the UAE, a key part of its settlement with the New York State department of financial services (DFS), “means that the bank will be liable to prosecution by those companies due to the material and moral damage which is falling on them”."
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