Possible $1.5 billion fine and criminal charges for Standard Chartered Iran sanctions violations



  • It was reported that Standard Chartered could again face a fine for violating US sanctions and has discussed a possible penalty of $1.5 billion with US authorities. US authorities have informed the bank criminal charges could be brought against two of its former employees for the violations. The bank allegedly processed payments for Iranian clients after committing to no longer doing business with Iran
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    Standard Chartered issued a statement saying “we continue to fully cooperate with the investigation regarding our historical sanctions compliance and are engaged in ongoing discussions with the U.S. authorities”.

    Standard Chartered previously paid $667 million in penalties and entered into a Deferred Prosecution Agreement (DPA) in 2012 with US authorities for processing payments for customers in Iran, Burma, Sudan and Libya, contrary to US sanctions. The DPA is currently extended until December 2018.