Standard Chartered to pay $1bn for breaching Iran sanctions
- Published
Standard Chartered bank is being fined $1.1bn (拢843m) for violating US sanctions against Iran and over inadequate financial crime controls.
The penalties, imposed in connection with a range of different investigations in the US and the UK, all date back to before 2014.
The London-based banking firm set aside $900m in February in preparation for the settlements.
Standard Chartered has also undertaken to improve its compliance procedures.
The bulk of the settlement, $639m, relates to breaches of US sanctions against Burma (Myanmar), Cuba, Iran, Sudan and Syria.
The bank will also pay 拢102m to Britain's Financial Conduct Authority (FCA).
The FCA found "serious and sustained shortcomings" in Standard Chartered's anti-money laundering controls.
Bill Winters, the bank's chief executive, said: "The circumstances that led to today's resolutions are completely unacceptable and not representative of the Standard Chartered I am proud to lead today.
"Fighting financial crime is central to what we do and who we are; we do not tolerate misconduct or lax controls and we will continue to root out any issues that threaten the trust we have built over more than 160 years."
US authorities said a former banker at Standard Chartered's Dubai branch had pleaded guilty in New York to conspiracy to violate sanctions.
- Published21 February 2019
