The DOJ first charged Standard Chartered Bank with criminal conspiracy on December 10, 2012. At the time, British banking and financial institution entered into a deferred prosecution agreement (DPA) with the DOJ and agreed to pay a financial penalty of $227 million.
Additionally, the DOJ charged Mahmoud Reza Elyassi, an Iranian national and former customer of the British banking and financial institution in Dubai, with participating in the criminal conspiracy.
Assistant Attorney General Brian Benczkowski of the DOJ’s Criminal Division said the settlement sends a clear message to banks and its employees. “You will pay a steep price” when you evade U.S. sanctions against rogue states like Iran or assist those who do.
Standard Chartered Bank admitted its violations
Standard Chartered Bank signed amended DPA with the Justice Department on Tuesday.
Under the amended DPA, the British banking and financial institution admitted and accepted responsibility for its criminal conduct. It also agreed to extend the terms of the agreement for two years and to additional cooperation, compliance and disclosure obligations.
