WASHINGTON - Standard Chartered Plc agreed to pay $327 million
to resolve allegations that it violated US sanctions and other laws,
essentially doubling its fine for the conduct and capping months of US legal
headache for the British bank.
The US Justice Department and the New York
District Attorney's office on Monday accused the bank of moving millions of
dollars through the US financial system on behalf of customers in Iran, Sudan,
Libya and Burma, in violation of sanctions laws.
States expects a minimum standard of behavior from all financial institutions
that enjoy the benefits of the US financial system. Standard Chartered's
conduct was flagrant and unacceptable," Justice Department criminal chief Lanny
Breuer said in a statement.
settlements come several months after the bank agreed to pay $340 million to
resolve a related case brought by the New York banking regulator. In August, the
New York Department of Financial Services broke from its fellow regulators and
filed a surprise order accusing the bank of hiding some $250 billion worth of
transactions with Iran.
The action on Monday alleges that the bank moved
"more than $200 million" through the US financial system, primarily on behalf of
Iranian and Sudanese clients.