Britain's Standard Chartered plc has agreed to pay $327 million in fines related to charges that the bank hid some $250 billion in transactions for Iranian clients. Such transactions are a violation of U.S. sanctions against Iran for that country's refusal to stop its nuclear development program.
In August Standard Charter agreed to pay $340 million to the state of New York for the same changes. Today's deal settles inquiries by the Federal Reserve, the U.S. Justice Department and the U.S. Attorney for New York. In a separate agreement, Standard Chartered will clear a $132 million demand by the Treasury Department's Office of Foreign Asset Controls.
In early November, HSBC Holdings plc (NYSE: HBC) said it, too, faces charges related to money-laundering for countries including Iran, and the bank said a settlement may substantially exceed $1.5 billion. ING Bank NV has already paid a $619 million settlement related to transactions on behalf of Iran.
Filed under: 24/7 Wall St. Wire, Banking, International Markets, Regulation Tagged: HBC