British Standard Chartered Bank Must Pay $ 1.1 Billion for Cooperation with Iran

The British bank Standard Chartered he will be fined $ 1.1 billion in the United States and the United Kingdom for serving Iranian-related clients between 2012 and 2014, thus violating international sanctions against the Iranian regime, according to the department. of the US Treasury in a press release. In addition, they also admitted to having violated the sanctions imposed on Burma, Cuba, Sudan and Syria, and a separate case involving violations of Zimbabwe-related sanctions.

The financial institution will donate $ 947 million to the United States Department of Justice, the New York District Attorney's Office, the New York Department of Financial Services, the Federal Reserve, and the US Securities and Exchange Commission. foreign badets (OFAC). United States Treasury Department. In addition, the British Financial Conduct Authority (FCA) has also sanctioned Standard Chartered £ 102 million.

From June 2009 to May 2014, the bank processed 9,335 transactions for a total of $ 437,553,380, which were processed in the United States. All of these transactions involved individuals or countries subject to comprehensive sanctions programs administered by FOCA (including Burma, Cuba, Iran, Sudan, and Syria). Most of the violations relate to Iran-related accounts maintained by the United Arab Emirates branches in Dubai for several general trading companies and a petrochemical company.

Standard Chartered processed dollar transactions through the New York branch or other US financial institutions on behalf of clients who sent payment instructions to the Dubai branch office but who were physically or habitually resident in Iran. The bank also processed online banking instructions for residents of sanctioned countries.

On February 21, the company had already announced plans to raise $ 900 million to face fines on both sides of the Atlantic. He announced that his accounts for the first quarter of 2019 would contain a new provision of $ 190 million to deal with these sanctions.

The UK entity has accepted "full responsibility" for the "control failures" for which it is charged, although it has attributed the facts to the acts of two employees at the short professional career who no longer work for Standard Chartered. The entity is also committed to implementing procedures to ensure compliance with the sanctions.