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.
Under the terms of the agreement no further action will be taken against Standard Chartered by these authorities if it meets the conditions set out in the agreements.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Among the conditions is payment of a cash amount of $327m, which will be paid in the second half of 2012.
OFAC found that "while SCB's omission of information affected approximately 60,000 payments related to Iran totalling $250bn, the vast majority of those transactions did not appear to have been violations of the Iranian Transactions Regulations".
In fact, approximately only $24m of transactions processed on behalf of Iranian parties and a total of $109m on behalf other sanctioned entities from other countries (Burma, Sudan and Libya) appeared to be in violation of sanctions laws.
AB
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Rightmove: Glut of homes for sale in southern England drives asking price drop
Asking prices are 0.1% lower than a year ago, according to the property website, driven by challenges in affordability-stretched London and the south
-
5 ways your boss can help boost your pension
Workplaces have a huge opportunity to make employees more aware of their pension options throughout their career – here’s how your employer can help boost your pot to help give you a more comfortable retirement