£217 million fine for Standard Chartered - Banking - News - Moneyfacts


£217 million fine for Standard Chartered

£217 million fine for Standard Chartered

Category: Banking

Updated: 15/08/2012
First Published: 15/08/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Standard Chartered has been fined £217 million ($340 million) for allegedly hiding transactions with its Iranian clients.

According to regulators, the bank had left the US 'vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes'.

It is thought the transactions totalled around $250 billion.

As well as the hefty fine, the bank has agreed to a settlement with the New York State Department of Financial Services (DFS).

Under the agreement all activities at Standard Chartered will be closely monitored for at least two years by an external source who will report to the DFS to ensure compliance controls, such as money laundering, are being met. DFS examiners will also be allocated on site at Standard Chartered.

The settlement was announced just a day ahead of a proposed hearing in New York, in which the UK-based bank was expected to explain its actions in a bid to save its US banking licence.

Shares in Standard Chartered opened 4.3% higher in London this morning following the announcement.

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