Banking group Standard Chartered is liable to legal action in the United Arab Emirates after it agreed to close some customers' UAE accounts in an anti-money laundering settlement with U.S. regulators, the UAE central bank said on Thursday.
The threat of further legal action in the UAE is a further complication for StanChart Chief Executive Peter Sands, who is fighting to retain the backing of investors after a series of transgressions and a decline in the bank's earnings.
'We have noted the announcement made by the UAE Central Bank. We always work with our regulators to achieve the right outcomes,' the lender said in an e-mailed statement.
Hit the link below to access the complete Reuters article:
COMMENTS