News Column

US Fines British Bank $327 Million

Dec. 10, 2012
Standard Chartered Bank

The Standard Chartered Bank has agreed to pay $327 million to settle charges that it violated U.S. sanctions against Iran and Sudan, the office of Manhattan District Attorney Cyrus Vance said Monday.

The British bank agreed to pay penalties and forfeiture to resolve the charges lodged by the U.S. in 2001 that it channelled money for clients in Iran and Sudan in violations of US sanctions, Vance said in announcing the settlement.

The bank admitted that it violated New York State law and by submitting false statements, Vance said.

"Investigations of financial institutions, businesses, and individuals who violate US sanctions by misusing banks in New York are vitally important to national security and the integrity of our banking system," Vance said in a statement.

The bank moved more than 200 million dollars through the U.S. financial system on behalf of Iranian and Sudanese clients by falsifying the origin countries under US sanctions, the statement said.

The penalty of $327 million imposed on the British bank included other charges from the U.S. Federal Reserve and Department of the Treasury.


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Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH


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