Standard Chartered to pay £203 mn penalty to settle probe
London: British banking giant Standard Chartered has agreed to pay 203 million pounds to settle claims that it laundered money on behalf of four countries, including Iran, that were subject to US economic sanctions.
US authorities said the forfeiture is part of a deferred prosecution agreement with both the Justice Department and the Manhattan district attorney's office.
The deal covers currency transactions made at the bank's New York branch for Iranian, Sudanese, Libyan and Burmese entities from 2001 through 2007.
The bank said a review found about 82.7 million pounds processed for the four countries through its New York branch, which handled 86.5 trn dollars overall during those years, Sky News reports.
“The settlements are the product of an extensive internal investigation that led the bank voluntarily to report its findings concerning past sanctions compliance to these US authorities, and nearly three years of intensive cooperation with regulators and prosecutors,” the bank said.
“In the more than five years since the events giving rise to today's settlements, the bank has completed a comprehensive review and upgrade of its compliance systems and procedures,” it added.
According to the report, US authorities claim that the bank illegally told a customer in a sanctioned country to mask transactions by substituting the London bank's unique code in wire payment messages and deleting data that would have revealed the involvement of sanctioned entities and countries.