The U.S. Department of Justice (DOJ) announced that Standard Chartered Bank agreed to pay more than $1 billion to settle its violation of Iranian sanctions.
The settlement included $947 million in monetary penalties to U.S. agencies and £102 million to the U.K. Financial Conduct Authority (FCA).
The U.S. agencies that participated in the settlement included the DOJ, the Office of the District Attorney for New York County (DANY), the New York State Department of Financial Services (DFS), the Board of Governors of the Federal Reserve System and the U.S. Treasury’s Office of Foreign Assets Control.
Allegations against Standard Chartered Bank
On Tuesday, the DOJ filed two-count felony criminal information charging Standard Chartered Bank with conspiring to violate the International Emergency Economic Powers Act (IEEPA).
The DOJ alleged that Standard Chartered Bank first violated the IEEPA from 2001 to 2007. It continued its violation from 2007 to 2011 by intentionally processing $240 million in U.S. dollar transactions for the benefit of Iranian individuals and entities.
