The International Financial Law Review quoted Venable partner Ed Wilson in a September 4, 2012 article regarding the effect of the Standard Chartered case on regulatory rules for foreign banks. Recently, a New York subsidiary of London-based bank, Standard Chartered, paid $340 million to the New York Department of Financial Services in a settlement over transactions linked to Iran. As a result of the Standard Chartered settlement foreign banks are now not only concerned with federal regulators, but are also concerned with state-level regulators.
Offering his assessment of the current regulatory environment, Wilson said, "This tells me that the state regulators apparently are not working in concert with federal regulators. It means the foreign banks have to be more careful." He addressed the implications of the Standard Chartered settlement, saying that "foreign banks’ liability can now come from a state regulator to which they may not have previously paid much attention."