US suspends StanChart’s dollar clearing for 'high-risk' Hong Kong SMEs

Corporate clients in Asia will be affected by additional KYC requirements imposed on Standard Chartered, but the suspension applies to a 'high risk' segment.

By Dan Bland

Aug 20, 2014

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In a consent order signed August 19, the New York State Department of Financial Services (DFS) has ordered that Standard Chartered Bank must suspend US dollar clearing services for ”high-risk” retail banking clients of Standard Chartered Hong Kong within 45 days.

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