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."The United 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.
The federal-state 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.