Standard Chartered Bank has agreed to pay $340 million to resolve an investigation that it schemed with the Iranian government to launder $250 billion between 2001 and 2007. New York’s financial regulator said the bank will pay the civil penalty to the state and increase oversight of overseas transactions. The bank will install a monitor for two years to evaluate the money-laundering risk controls of its New York branch and permanently hire personnel to oversee and audit offshore money-laundering monitoring. The bank maintains that 99.9% of the some 60,000 questioned transactions complied with all regulations, and those that didn’t amount to $14 million.
The IRS still has the authority to impose fines on nonfilers.
Insurers may have defenses. One problem: The bad guys know about the defenses.
The provision could reduce the taxes of children of service members who die in combat.
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