Standard Chartered announced it would work with regulators after the UAE Central Bank warned it could face legal action after agreeing to close some customers’ UAE accounts in an anti-money laundering settlement, Reuters reported. “We have noted the announcement made by the UAE Central Bank. We always work with our regulators to achieve the right outcomes,” the bank said in a statement. Under the settlement, the bank agreed to pay a $300 million fine, end high-risk relationships with small- and medium-sized business clients in the UAE, and suspend the processing of dollar-denominated payments for some clients at its Hong Kong unit. 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.
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