South Korea regulator plans spot checks on HSBC, Standard Chartered

Reuters News
Posted: Aug 09, 2012 1:36 AM

SEOUL (Reuters) - South Korea's financial regulator said on Thursday it plans to conduct spot checks on the local operations of Standard Chartered PLC and HSBC Holdings PLC after money laundering allegations against the lenders in other countries.

The Financial Supervisory Service said in a statement it will conduct checks on HSBC and Standard Chartered's Korean units after allegations were raised against the banks in the United States and Mexico. It did not specify when the checks would occur.

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(Reporting By Se Young Lee; Editing by Kim Coghill)