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Standard Chartered to pay $399m to settle US sanctions probe

Published on Dec 11, 2012 7:01 AM
 
A staff member walks inside a priority banking service area of a Standard Chartered bank in Hong Kong in this Aug 1, 2012 file photo. Standard Chartered expects to pay $330 million to settle a case with U.S. regulators for breaking sanctions on Iran, the Asian-focused bank said on Dec 6, 2012, a second such penalty which could almost wipe out its profit growth this year. -- PHOTO : REUTERS

WASHINGTON (AFP) - British bank Standard Chartered will pay the United States US$327 million (S$399.6 million) to settle charges it violated US sanctions on Iran as well as on Myanmar, Libya and Sudan, the US Treasury announced on Monday.

US authorities said the bank had stripped messages on financial transfers routed through US banks of information that would show the beneficiaries were businesses and entities that fell under US sanctions.

The fines from the Treasury's Office of Foreign Assets Control (OFAC) and other US federal and local regulators took to US$667 million the total the bank has been charged for sanctions violations.

In August the New York state banking watchdog fined Standard Chartered US$340 million in the same investigation, saying it hid 60,000 transactions with proscribed Iranian clients worth US$250 billion over 10 years.

 
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