As part of the agreement, Standard Chartered Bank admitted that its two former employees in Dubai willfully conspired to help customers connected with Iran to perform U.S. dollar transactions from 2007 to 2011. It admitted to processing approximately 9,500 transactions totaling $240 million.
A former employee of Standard Chartered Bank’s Dubai branch pleaded guilty for conspiring to defraud the United States and to violate IEEPA.
Standard Chartered Bank executives are committed to fighting financial crimes
In a statement, Standard Charted Bank’s Group Executive Bill Winter said, “We are pleased to have resolved these matters and to put these historical issues behind us. The circumstances that led to today’s resolutions are completely unacceptable and not representative of the Standard Chartered I am proud to lead today. Fighting financial crime is central to what we do and who we are; we do not tolerate misconduct or lax controls and we will continue to root out any issues that threaten the trust we have built over more than 160 years.”
