Standard Chartered bank will pay $1.1 billion to resolve allegations that it processed transactions for customers in Iran and other countries under U.S. sanctions.
The global settlement should help draw a line under a five-year investigation into alleged sanctions breaches involving processing and clearing hundreds of millions of dollars of transactions for Iran-based clients, with a particular focus on the emerging-markets bank’s Dubai branch and its London headquarters, Financial Times reported citing a source familiar with the process.
Two employees in the bank’s Dubai office are accused of processing the bulk of the transactions for an Iranian businessman who allegedly set up companies registered in the United Arab Emirates as fronts for a money exchange business in Iran.
