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Standard Chartered to pay $300m penalty to NY regulator

20 August 2014 Last updated at 02:15 BST

British banking giant Standard Chartered has been hit with a second fine by New York's top banking regulator.

This time the lender has been ordered to pay $300m (£180m) and will face restrictions on its dollar clearing business.

The bank, which gets three quarters of its earnings from Asia, has been accused of failing to organise adequate money laundering controls.

The BBC's Juliana Liu explains why the bank has been fined, and how the dollar clearing restrictions will affect its business.

Watch more reports on Asia Business Report's website.