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Leaked 2011 Report Details Standard Chartered’s Role in Iranian Export Deals

By Valentina Pasquali

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...

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