Standard Chartered

The Financial Services Authority (FSA) is forcing HSBC to improve its money laundering safeguards after the bank was fined $1.9bn by US regulators for breaches, the largest fine paid in such a case.

HSBC and Standard Chartered have agreed record settlements over money laundering allegations as the former agrees to pay $1.9bn to US regulators.

Standard Chartered has agreed to pay a $340m (£217m) fine to US regulators after it was accused of trying to hide up to $250bn of transactions with Iran.

CONDENSED

UK-listed banking giant Standard Chartered saw its UK share price fall by almost a quarter in early morning trading following allegations it assisted in a $250bn money laundering scheme.

The Islamic arm of Standard Chartered Bank has launched Shariah-compliant services for its UAE-based customers.

HSBC and Standard Chartered could be dragged into a multi-billion dollar dispute between warring Saudi factions after the banks were forced to hand over thousands of potentially incriminating documents.

The Dow Jones shed almost 300 points in yesterday's session with sentiment knocked following Greek plans to hold a referendum on the European bailout plan agreed last week.

10am: Global markets are continuing to trade in positive territory, building on yesterday's gains, with investors eyeing up value in depressed banking stocks which have been heavily sold off.

Chinese stocks may be poised for a rebound over the next one to two months as the economic recovery picks up in the third quarter, according to analysts.