Standard Chartered to pay $1.1bn for Iran sanctions violations
In 2012 the bank paid US authorities $667m for illegally moving millions through the US on behalf of customers in Iran, Sudan, Libya and Myanmar
Washington — London-based Standard Chartered has agreed to pay $1.1bn to US and British authorities for illegal financial transactions involving Iran and other sanctioned countries, several government agencies announced on Tuesday. A former banker at the Dubai branch pleaded guilty in New York state court in connection with the conspiracy to violate sanctions, US state and federal authorities said. A former customer of the bank’s Dubai branch also was charged with participating in the conspiracy, according to an indictment unsealed on Tuesday in federal court in Washington, DC. The agreements resolve an investigation that began about five years ago into Standard Chartered's banking for Iran-controlled entities in the city of Dubai in the United Arab Emirates. The bank paid US authorities $667m in 2012 for illegally moving millions of dollars through the US financial system on behalf of customers in Iran, Sudan, Libya and Myanmar. In a statement on Tuesday, Standard Chartered said ...
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