The British bank Standard Chartered is close to reaching a $300 million settlement with US authorities over allegations it violated sanctions on Iran.
Citing unnamed officials, the Wall Street Journal reported yesterday that the settlement would conclude investigations by the US Justice Department, the Treasury, the Federal Reserve and the Manhattan district attorney’s office.
Standard Chartered paid a $340 million fine in August to settle a case in New York state, where regulators had accused it of hiding some $250 billion in transactions with Iranian banks, charges denied by the British bank.
The alleged transactions mainly involved US dollar transfers for state-owned Iranian banks, including the central bank, that fell under US sanctions aimed at curtailing Iran’s controversial nuclear programme.
The New York Department of Financial Services said at the time that the activity “left the US financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes”.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.