StanChart Says N.Y. Settlement in Staff, Clients’ Best Interest

Standard Chartered Plc (STAN)’s quick resolution of a New York money laundering probe was in the best interests of shareholders, clients and employees, Chief Executive Officer Peter Sands said in an internal memo today.

“Our past review did identify mistakes, for which we have apologised,” Sands told employees today, without elaborating on the specific errors, according to the document obtained by Bloomberg News. Melissa Cheah, a Singapore-based spokeswoman for the lender, confirmed that Sands sent a memo to staff.

The lender settled the probe for $340 million, a day before it was to defend its right to operate in New York state. It still faces federal inquiries over claims it helped sanctioned nations including Iran illegally funnel money through the U.S.

The lender is in talks with the other agencies, Sands said in the note.

“There are many reasons why firms settle such agreements,” Sands said. “We have sought to act in the best interests of our shareholders, clients, customers and staff.”

To contact the reporter on this story: Sanat Vallikappen in Singapore at

To contact the editor responsible for this story: Chitra Somayaji at

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