ALBANY, N.Y. (AP) — Standard Chartered Bank reached an agreement with New York regulators to pay a $300 million penalty and suspend dollar exchanges through its New York branch for high-risk retail business clients at its SCB Hong Kong subsidiary.

The Department of Financial Services said the order signed Tuesday followed the bank’s failure to fix compliance problems against money laundering as required under a 2-year-old settlement. The independent monitor established under that settlement found the bank failed to detect many potentially high-risk transactions for further review, with a significant number also originating from branches in the United Arab Emirates.