StanChart to settle with US authorities for 330m dollars

Standard Chartered (SCB) announced late on Monday afternoon that it had reached a final settlement with the main US state and federal financial oversight agencies regarding allegations of 'money laundering.'

Standard Chartered (SCB) announced late on Monday afternoon that it had reached a final settlement with the main US state and federal financial oversight agencies regarding allegations of 'money laundering.'

The above after the bank voluntarily reported its findings concerning past sanctions compliance to the Office of Foreign Assets Control ("OFAC"), the Federal Reserve Bank of New York, the Department of Justice and the New York County District Attorney's Office regarding historical sanctions compliance and US dollar payment practices primarily between 2001 and 2007.

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