21st Sep 2015 13:00
LONDON (Alliance News) - Emerging markets-focused bank Standard Chartered PLC may be at risk of facing new fines and penalties in the US after an investigation conducted by the Financial Times showed it had continued seeking new business from Iran and Iran-connected companies after committing to stop doing this in 2007.
The FT said the bank, which paid fines of nearly USD1 billion to US regulators for sanction branches and compliance failures, sought to carry out foreign exchange transactions which would have involved the US dollar, according to documents the paper has seen.
The FT said the documents suggest the bank, months after its 2012 settlement with US regulators, was still internally reviewing its client list and was unable to determine in certain circumstances whether its customers were Iranian or not.
The paper said the transactions it uncovered could leave Standard Chartered facing further fines or suspensions or perhaps even the loss of its dollar clearing licence.
https://next.ft.com/2b174d9c-5c81-11e5-9846-de406ccb37f2
By Sam Unsted; [email protected]; @SamUAtAlliance
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