Ahead of Standard Chartered Bank's payment of $667 million in 2012 to settle U.S. sanctions violations, the lender backed the sales of hundreds of restricted American goods bound for Iran, a leaked compliance review shows. The March 2011 report by Promontory Financial Group LLC cites letters of credit, advanced payment fees and other trade finance transactions processed by the British bank between 2001 and 2007 on behalf of nine corporate clients that exported banned aircraft components, hydraulic pumps and firefighting equipment from the United States. Of those customers, at least two were directly convicted or managed by individuals who were...
Promontory Financial Group on Tuesday agreed to pay New York regulators $15 million and forego entering into certain consulting arrangements for the next six months with state-chartered financial institutions.
Standard Chartered Bank will pay New York $300 million for anti-money laundering violations, a sum nearly 90 percent of a separate fine paid by the institution to the state in 2012 for related sanctions troubles.
A nearly $330 million deferred prosecution agreement with a London-based bank reinforces the peril financial institutions face when engaging in look-backs for possible sanctions or anti-money laundering violations.