Standard Chartered Plc will soon begin sifting through a mountain of data in search of money laundering or other criminal activity, as a result of faults in the software that serves as the backbone of its anti-money laundering compliance program, two sources with firsthand knowledge of the matter said. The outcome of this review could impact any penalties regulators impose on the bank for anti-money laundering lapses. Because Standard Chartered clears about two million U.S. dollar transactions each month, the process of poring through the data will be "a huge piece of work" and "is not going to be done next week or next month" said one of the sources, both of who spoke on condition of anonymity as they are not authorized to speak publicly about the matter. As previously reported by Reuters, holes in the British bank's anti-money laundering net were uncovered by a monitor imposed in a 2012 case. Standard Chartered was fined $667 million by U.S. regulators for violating U.S. sanctions
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