Standard Chartered Bank must pay more than $1 billion and extend the terms of its 2012 deferred prosecution agreements, or DPAs, with U.S. state and federal agencies by two years for falsifying records and violating sanctions, U.S. and U.K. officials announced Tuesday. The penalty, which includes a £102 million payment to the U.K. Financial Conduct Authority and a total outlay of $947 million to the U.S. Justice Department, Treasury Department, Federal Reserve, Manhattan District Attorney's Office and New York State Department of Financial Services, or DFS, covers many of the same issues that led to the bank's original settlements. The...
Two recent evaluations of third-party audits conducted on behalf of banks highlights an unresolved question in the compliance world: can you sometimes get what you pay for?
Ahead of Standard Chartered Bank's payment of $667 million in 2012 to settle U.S. sanctions violations, the lender backed the sales of hundreds of restricted American goods bound for Iran, a leaked compliance review shows.
U.S. investigators looking into potential sanctions violations by Standard Chartered Bank will likely expedite their case following allegations by New York officials that the bank's executives permitted compliance violations, say sources.
Standard Chartered Bank will pay New York $300 million for anti-money laundering violations, a sum nearly 90 percent of a separate fine paid by the institution to the state in 2012 for related sanctions troubles.
New York's $340 million sanctions settlement with Standard Chartered Plc will likely serve as a model for similar compliance-related agreements, even as it deters some banks from obtaining state licenses.
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