WASHINGTON (Pakistan Point News / Sputnik - 09th April, 2019) The UK-based Standard Chartered Bank has agreed to pay more than $1 billion in fines and penalties to the United States for processing transactions with sanctioned individuals and entities and breaking other US laws, the Justice Department announced in a press release on Tuesday.
"Standard Charter Bank (SCB), a global financial institution headquartered in London, England, has agreed to forfeiture of $240 million, a fine of $480 million, and to the amendment and extension of its deferred prosecution agreement (DPA) with the Justice Department for an additional two years for conspiring to violate the International Emergency Economic Powers Act (IEEPA)," the Justice Department said.
The Justice Department explained the bank agreed with the New York County District Attorney's Office to amend its deferred prosecution agreement to pay an additional penalty of $292,210,160 after it admitted to falsifying the records of New York financial institutions.
The Justice Department also announced it indicted a former employee of the bank, Iranian national Mahmoud Reza Elyassi, 49, over his alleged role in a conspiracy to defraud the United States.
The US Treasury said the bank violated sanctions on Iran, Cuba, Burma and Sudan.
"The bank has agreed to settle its potential civil liability for apparent violations of the now-repealed Burmese Sanctions Regulations (BSR); the Cuban Assets Control Regulations, 31 C.F.R. Part 515 (CACR); the Iranian Transactions and Sanctions Regulations, 31 C.F.R. Part 560 (ITSR); the now-repealed Sudanese Sanctions Regulations; and the Syrian Sanctions Regulations," the Treasury Department said.
The bank will pay a penalty totaling $639,023,750 to address sanctions violations from June 2009 until June 2014, when Standard Chartered processed 9,335 transactions totaling $437,553,380, Treasury Department said.
The majority of the conduct concerns Iran-related accounts maintained by Standard Chartered Bank branches in the United Arab Emirates, including accounts at SCB Dubai held for a number of general trading companies, and a petrochemical company, the Treasury added.
In its settlement, the bank also agreed to pay $18 million to settle charges of violating US sanctions against Zimbabwe, according to the Treasury Department.
