StanChart faces $1bn fine over Iran money laundering charges

The total charges are expected to top USD 700 million while some analysts said it could be as high as USD one billion, the Telegraph reports.

London: Banking giant Standard Chartered may have to pay fines totalling as much as USD one billion before it settles charges that it had by-passed US Iranian money-laundering sanctions.

The bank confirmed that it needs to pay more fines to other state and federal authorities in America despite agreeing to pay USD 340 million to the New York State Department of Financial Services (DFS).

The total charges are expected to top USD 700 million while some analysts said it could be as high as USD one billion, the Telegraph reports.

The British bank was accused of exposing the U.S. to terrorists and criminals after it emerged that the bank ''schemed'' to bypass American anti-money laundering sanctions and process USD 250 billion of transactions on behalf of Iranian clients.

According to the paper, the bank said the deal with the DFS, which averted a public hearing on the charges, was “pragmatic” and “in the best interests of shareholders and customers.”

The DFS said that the bank had ‘schemed’ for ten years to by-pass US sanctions to process USD 250 billion of transactions on behalf of Iranian clients.

According to the paper, Standard Chartered faced calls to explain how the USD 340 million settlement with the DFS had been reached, particularly since it said just 14 million dollars of transactions had breached US rules.

ANI