Fine Adds to Previous Fines
On top of the fine, the UK bank is banned from accepting new dollar clearing accounts without approval of the State Department (DFS). This fine adds to the $340m that SC agreed to pay in August 2012 after admitting to having violated US sanctions on Iran.
Background to the New York DFS
The New York DFS was created in October 2011 as part of the State budget unveiled by Governor Andrew Cuomo (who assumed office in January 2011), and is a graduate of Albany Law School. DFS is an amalgam of the former New York State Department of Banking and separately Department of Insurance.
Benjamin Lawsky became New York State's first Superintendent of Financial Services in 2011.
On top of the fine, the UK bank is banned from accepting new dollar clearing accounts without approval of the State Department (DFS). This fine adds to the $340m that SC agreed to pay in August 2012 after admitting to having violated US sanctions on Iran.
Background to the New York DFS
The New York DFS was created in October 2011 as part of the State budget unveiled by Governor Andrew Cuomo (who assumed office in January 2011), and is a graduate of Albany Law School. DFS is an amalgam of the former New York State Department of Banking and separately Department of Insurance.
Benjamin Lawsky became New York State's first Superintendent of Financial Services in 2011.
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