Standard Chartered may face legal action from UAE accountholders

21/08/2014 18:07 AST

The Central Bank of the UAE (CBUAE) is taking note of the agreement reached between the Department of Financial Services for the State of New York and Standard Chartered Bank on 19 August under which the bank is being fined $300 million to settle anti-money laundering issues. At the same time the bank agreed to close certain ‘high risk’ accounts.

The CBUAE has said it understands that anywhere between 1.400 and 8,000 Standard Chartered business accounts in the UAE will be affected but warns that the bank could be liable to prosecution by the companies and their owners because of the material and moral damage, which is falling on them.

The Central Bank said its Consumer Protection Unit ‘will be ready to receive complaints from those affected’. The CBUAE pointed out that no ‘substantial violations relating to the penalty imposed on the bank in New York’ took place in the UAE.


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