Standard Chartered’s Fitness Is Key Grounds for Shutdown
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New York’s financial-services regulator has grounds to shut Standard Chartered Plc in the state even if he accepts the firm’s argument that it illegally laundered only a fraction of the $250 billion he claims.
As the state’s top banking regulator, Benjamin Lawsky has power to act in his discretion against any financial institution he deems untrustworthy, according to the charter of his year-old department.