Standard Chartered slammed by Japanese regulator

Anti-money laundering

The FSA has prohibited the UK-based bank from offering certain key services to new clients for a year because it said the bank failed to implement certain anti-money laundering procedures. The bank allegedly laundered $56 million for the Yakuza -- Japanese gangsters -- according to Japanese press reports.

The FSA, in a statement, said Standard Chartered had failed to run customer identification checks and produce transaction records for a series of remittance transactions by "an underground

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