Standard Chartered to Pay $327 Million to Resolve US Sanctions Case

Monday, 10 Dec 2012 10:17 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
British bank Standard Chartered Plc will pay $327 million to resolve allegations that it violated U.S. sanctions and other laws, the Federal Reserve said on Monday.

The bank will pay $100 million to resolve allegations by the U.S. Federal Reserve that it provided "inadequate and incomplete responses" to bank examiners and provided insufficient oversight of its sanctions compliance program, the Fed said.

The bank separately entered into deferred prosecution agreements with the U.S. Justice Department and the New York District Attorney, and will forfeit $227 million in connection with those agreements.

Between 2001 and 2007, the bank facilitated U.S. dollar transactions for parties affiliated with Iran, Sudan, Libya and Burma, according to the Justice Department's charges.

The U.S. Treasury Department also entered into a settlement to resolve allegations that the bank's London and Dubai offices violated US sanctions against the four countries.

Treasury said it levied a $132 million penalty but deemed that satisfied by the bank's payment to DOJ.

The federal-state settlements come several months after the bank agreed to pay $340 million to resolve a related case brought by the New York banking regulator.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved