Standard Chartered expected to pay just over $1 billion to resolve US, UK probes: Report

Standard Chartered has been operating under deferred prosecution agreements with US authorities since 2012

Reuters April 09, 2019 07:59:19 IST
Standard Chartered expected to pay just over $1 billion to resolve US, UK probes: Report
  • The money is to be paid to resolve a nearly 5-year-old investigation of potential US sanctions violations tied to its banking

  • Authorities are aiming for the bank to settle on Tuesday morning, two sources said

  • The agreement has been extended numerous times, the last one extended for 10 days and set to expire on Wednesday

New York: London-based Standard Chartered is expected to pay slightly more than $1 billion to resolve a nearly five-year-old investigation of potential US sanctions violations tied to its banking for Iran-controlled entities in Dubai, as well as a related UK probe, according to a person familiar with the matter.

Authorities are aiming for the bank to settle on Tuesday morning, two sources said.

Standard Chartered expected to pay just over 1 billion to resolve US UK probes Report

Representative image. Reuters

Standard Chartered has been operating under deferred prosecution agreements with US authorities since 2012, when it paid $667 million for illegally moving millions of dollars through the US financial system on behalf of customers in Iran, Sudan, Libya and Burma.

The agreement has been extended numerous times, the last one extended for 10 days and set to expire on Wednesday.

The expected total payout also covers a roughly $134 million penalty from Britain’s Financial Conduct Authority related to historical financial crime controls.

Standard Chartered declined to comment.

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