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Standard Chartered faces $1bn fine in Iran money laundering | | Banking giant Standard Chartered may have to pay fines totalling as much as one
billion dollars before it settles charges that it had by-passed US Iranian money-laundering
sanctions. The bank confirmed that it needs to pay more fines to other state and
federal authorities in America despite agreeing to pay 340 million dollars to
the New York State Department of Financial Services (DFS). The total charges are
expected to top 700 million dollars while some analysts said it could be as high
as one-billon dollars, the Telegraph reports. The British bank was accused of
exposing the U.S. to terrorists and criminals after it emerged that the bank 'schemed'
to bypass American anti-money laundering sanctions and process 250 billion dollars
of transactions on behalf of Iranian clients. According to the paper, the bank
said the deal with the DFS, which averted a public hearing on the charges, was
"pragmatic" and "in the best interests of shareholders and customers." The DFS
said that the bank had 'schemed' for ten years to by-pass US sanctions to process
250 billion dollars of transactions on behalf of Iranian clients. According to
the paper, Standard Chartered faced calls to explain how the 340 million dollars
settlement with the DFS had been reached, particularly since it said just 14 million
dollars of transactions had breached US rules.
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