ECONOMY

Standard Chartered faces fine in coming weeks for sanctions breaches

Standard Chartered agreed in April to pay $1.1 billion to US and British authorities for conducting illegal financial transactions. (File photo: Reuters)

Standard Chartered PLC is facing a fine for failing to prevent sanctions breaches, Sky News reported on Saturday.

Britain’s Office of Financial Sanctions Implementation, which includes police and intelligence officers as well as finance ministry officials, has notified the lender that it aims to impose a penalty of more than 10 million pounds ($12.15 million) on the bank in the coming weeks, Sky News said.

Sky News provided no further details, and Standard Chartered was not immediately available for comment on Saturday.

Standard Chartered agreed in April to pay $1.1 billion to US and British authorities for conducting illegal financial transactions that violated sanctions against Iran and other countries.

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Last Update: Saturday, 17 August 2019 KSA 14:45 - GMT 11:45
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