Standard Chartered to pay $327 mln to resolve US sanctions case
December 11, 2012 - 12:00:00 am
WASHINGTON: British bank Standard Chartered Plc will pay $327 million to resolve allegations that it violated U.S. sanctions and other laws, the Federal Reserve said on Monday.
The bank will pay $100 million to resolve Fed allegations that it provided "inadequate and incomplete responses" to bank examiners and provided insufficient oversight of its sanctions compliance program, the Fed said.
The bank separately entered into deferred prosecution agreements with the U.S. Justice Department and the New York District Attorney, and will forfeit $227 million in connection with those agreements, the Fed said. (Reuters)