By editor
Originally published on Sat August 18, 2012 5:03 pm
Banking industry officials say it's unheard of: A state regulator, flying solo, threatens to take away the state license of a global bank — and then secures a very public settlement.
That's exactly what happened in New York this past week, when the state's Department of Financial Services reached a settlement with Britain's Standard Chartered Bank over allegations that it schemed with the Iranian government to launder billions of dollars.
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