People walk up a stairway leading to the Standard Chartered bank headquarters building in Hong Kong on August 20, 2014. AFP PHOTO / ANTHONY WALLACE
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Banking group Standard Chartered is liable to legal action in the United Arab Emirates after it agreed to close some customers' UAE accounts in an anti-money laundering settlement with U.S. regulators, the UAE central bank said Thursday.In the UAE, between 1,400 and 8,000 Standard Chartered accounts are expected to be affected, the central bank said, adding that it would examine every account to identify any violations.However, the central bank said that while Standard Chartered had not fulfilled U.S. regulatory requirements, its UAE branches had committed "no significant violations" of international money laundering rules, such as the standards of the Financial Action Task Force, an inter-governmental body.
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