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.
