Standard Chartered Admitted Iranian-Sanctions Violations in More Than $1 Billion U.S. Resolution

Summary

In April 2019, Standard Chartered Bank admitted to illegally processing transactions in violation of U.S. sanctions against Iran and entered a coordinated resolution with U.S. authorities exceeding $1 billion. The U.S. Department of Justice said the criminal conspiracy lasted from 2007 through 2011 and involved approximately 9,500 transactions worth about $240 million processed through U.S. financial institutions for the benefit of Iranian entities. Standard Chartered agreed to $240 million in forfeiture and a $480 million criminal fine, while additional resolutions were reached with the New York County District Attorney, Federal Reserve, New York Department of Financial Services, OFAC and the UK FCA. The Justice Department stated that the bank admitted the sanctions-related conduct as part of the amended deferred prosecution agreement. Source: U.S. Department of Justice https://www.justice.gov/archives/opa/pr/standard-chartered-bank-admits-illegally-processing-transactions-violation-iranian-sanctions