Standard Chartered to axe most SME services in the UAE after $300m fine by New York regulator | The National

Standard Chartered to axe most SME services in the UAE after $300m fine by New York regulator | The National:



"Standard Chartered is set to cut banking services to most of its small and medium enterprise (SME) customers in the UAE after it was sanctioned by financial authorities in the United States for failing to do enough to flag up potential high-risk transactions originating from its UAE branches.



The New York State Department of Financial Services (DFS) said on Tuesday that Standard Chartered had agreed to a US$300 million (Dh1.1bn) settlement and a series of remedial measures after an independent monitoring regime judged that the bank had failed to identify a large number of potentially high-risk transactions for further review.



“A significant number” of the potentially high-risk transactions originated from the bank’s branches in the UAE and its subsidiary in Hong Kong, said the DFS."



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