Standard Chartered bank is being fined $1.1bn (\u00a3843m) for violating US sanctions against Iran and over inadequate financial crime controls.<\/p>\n\n\n\n
The penalties, imposed in connection with a range of different investigations in the US and the UK, all date back to before 2014.<\/p>\n\n\n\n
The London-based banking firm set aside $900m in February in preparation for the settlements.<\/p>\n\n\n\n
Standard Chartered has also undertaken to improve its compliance procedures.<\/p>\n\n\n\n
The bulk of the settlement, $639m, relates to breaches of US sanctions against Burma (Myanmar), Cuba, Iran, Sudan and Syria.<\/p>\n\n\n\n
The bank will also pay \u00a3102m to Britain’s Financial Conduct Authority (FCA).<\/p>\n\n\n\n
The FCA found “serious and sustained shortcomings” in Standard Chartered’s anti-money laundering controls.<\/p>\n\n\n\n
Bill Winters, the bank’s chief executive, said: “The circumstances that led to today’s resolutions are completely unacceptable and not representative of the Standard Chartered I am proud to lead today.<\/p>\n\n\n\n
“Fighting financial crime is central to what we do and who we are; we do not tolerate misconduct or lax controls and we will continue to root out any issues that threaten the trust we have built over more than 160 years.”ADVERTISEMENT<\/p>\n\n\n\n
US authorities said a former banker at Standard Chartered’s Dubai branch had pleaded guilty in New York to conspiracy to violate sanctions.<\/p>\n","protected":false},"excerpt":{"rendered":"
Standard Chartered bank is being fined $1.1bn (\u00a3843m) for violating US sanctions against Iran and over inadequate financial crime controls. The penalties, imposed in connection with a range of different investigations in the US and the UK, all date back to before 2014. The London-based banking firm set aside $900m in February in preparation for the settlements. Standard Chartered has… Read more »<\/a><\/p>\n","protected":false},"author":77,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3540","post","type-post","status-publish","format-standard","hentry","category-article"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/3540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/users\/77"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/comments?post=3540"}],"version-history":[{"count":1,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/3540\/revisions"}],"predecessor-version":[{"id":3541,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/3540\/revisions\/3541"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/media?parent=3540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/categories?post=3540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/tags?post=3540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}