The current state of financial regulation

You recall that the latest banking scandal concerns Standard Chartered Bank, an English bank that has been clandestinely violating our sanctions against Iran and others for 10 years or more.  It was finally called to task by the New York State Department of Financial Services and paid a fine of $340,000,000 quite quickly.  (However, as is typical with just about all these financial crimes, no one will go to jail for the crime.)

What was the reaction of the UK authorities?  They complained “that the sudden move could have damaged the stability of the bank and that the lack of advance notice breached long-standing protocol among bank regulators.”  Never mind that the bank violated the law.  Never mind that the UK authorities did nothing about the bank.  Never mind that our federal government did nothing.  Who do the UK financial authorities work for?  I should have asked who should they work for.