Standard Chartered Bank pays $657 million to settle OFAC violations
Standard Chartered Bank agreed Tuesday to pay $657 million to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC)
to resolve sanctions violations primarily related to Iran, with other violations involving current or former sanctions on Cuba, Sudan, Burma, Syria, and Zimbabwe.
StanChart paid $639 million for the Iran sanction violations, together with violations involving Cuba, Sudan, Burma, and Syria. OFAC called that the “global settlement.”
London-based StanChart settled the Zimbabwe sanction offenses separately, paying OFAC about $18 million.
In the global settlement, OFAC said from June 2009 until June 2014, StanChart processed 9,335 transactions totaling $437.5 million to or through the United States.
The FCPA Blog
Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Standard Chartered Bank
https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20190409.aspx
Standard Chartered to pay $1bn for breaching Iran sanctions – BBC News
https://www.bbc.com/news/business-47872318