Midweek Roundup: Standard Chartered Cites New York Settlement in Profit Loss, Iraqi Central Bank Transactions Tied to Laundering, and More

Standard Chartered Plc disclosed Tuesday that its profits have fallen due to a $340 million settlement with New York State banking regulators over alleged Iran sanctions violations, the Associated Press reported. The controversial settlement lowered the bank's operating profit to the mid-single digits from the double-digit range, the news agency reported. Standard Chartered did not publish its earnings numbers. More A U.S. Inspector General report concluded Tuesday that eighty percent of the Central Bank of Iraq's (CBI) $1 billion per week foreign currency auctions are tied to illegal transactions and money laundering. The prevalence of illicit funds at CBI is...