The Straits Times
www.straitstimes.com
Published on Dec 11, 2012
 

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

 
 

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.