جایزه بهترین بانک اسلامی دیجیتال به استاندارد چارترد پاکستان رسید

Standard Chartered Bank has put aside £700m to settle charges relating to Iranian sanctions.

Standard Chartered is bracing itself for a bumper fine this week that could total hundreds of millions of pounds as it settles US charges over Iranian sanctions violations, Guardian reported.

The London-headquartered but Asia-focused bank is expected to draw a line under a long-running investigation into sanctions busting by Wednesday when a six-year deferred prosecution agreement (DPA) with US authorities is set to expire.

DPAs allow firms to settle charges with state authorities without facing criminal prosecution. The companies must agree to specified conditions, which can include a fine and their conduct being monitored for a set period.

Standard Chartered announced last month it had set aside $900m (£691m) to cover US and UK penalties, the bulk of which is expected to go towards settlement of US sanctions violations.

The investigation relates to alleged lapses in the bank’s internal controls, which may have allowed clients with “Iranian interests” to conduct business though the bank between 2007 and 2014. It may result in “substantial” fines and “other compliance measures” including restrictions on its operations, according to Standard Chartered’s most recent annual report.

Standard Chartered has already paid $667m in 2012 to settle allegations of sanctions breaches between 2001 and 2007.

It would be the latest fine imposed on Standard Chartered, which was hit with a £102m penalty by the UK’s Financial Conduct Authority over 'financial crime control' breaches in February. The lender was also fined $40m in January by New York’s financial watchdog for rigging currency exchange rates between 2007 and 2013. Both of those charges were accounted for in the bank’s $900m provision.

It was also ordered to pay $300m to the New York state Department of Financial Services in 2014 over lapses in its anti-money laundering procedures.

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