RSS   Newsletter   Contact   Advertise with us

Standard Chartered expected to pay over $1 billion to resolve U.S., U.K. probes

Share on Twitter Share on LinkedIn
Christian Fernsby ▼ | April 9, 2019
Standard Chartered is expected to pay slightly more than $1 billion to resolve a nearly five-year-old investigation.
Standard Chartered
Europe   This is an investigation of potential U.S. sanctions violations
This is an investigation of potential U.S. sanctions violations tied to its banking for Iran-controlled entities in Dubai, as well as a related U.K. probe, according to a person familiar with the matter.

Authorities are aiming for the bank to settle on Tuesday morning, two sources said.

Standard Chartered has been operating under deferred prosecution agreements with U.S. authorities since 2012, when it paid $667 million for illegally moving millions of dollars through the U.S. financial system on behalf of customers in Iran, Sudan, Libya and Burma.

The agreement has been extended numerous times, the last one extended for 10 days and set to expire on Wednesday.

The expected total payout also covers a roughly $134 million penalty from Britain’s Financial Conduct Authority related to historical financial crime controls.


 

MORE INSIDE POST