Bank to Pay $132 Million to Settle OFAC Charges
Standard Chartered Bank agreed to pay $132 million to settle its potential liability for apparent violations of U.S. sanctions, said the Treasury Department Office of Foreign Assets Control. The settlement announced Dec. 10 resolves OFAC’s investigation into the removal or omission by SCB’s London head office and Dubai branch of material references to U.S.-sanctioned locations or entities from payment messages sent to U.S. financial institutions.
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OFAC said the actions violated the Iranian Transactions Regulations, the Burmese Sanctions Regulations, the Sudanese Sanctions Regulations, and the now-repealed version of the Libyan Sanctions Regulations. Eight apparent violations of the Foreign Narcotics Kingpin Sanctions Regulations by SCB’s New York branch, which occurred later and apart from the above conduct, were also settled, OFAC said. SCB’s settlement with OFAC is simultaneous with the bank’s settlements with the U.S. Attorney's Office for the District of Columbia, the Department of Justice's National Security Division, the Department of Justice's Asset Forfeiture and Money Laundering Section and the New York County District Attorney’s Office; as well as orders involving the Board of Governors of the Federal Reserve System.