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Standard Chartered Paid $150 Million in 2010 for Ongoing U.S. Sanctions Investigation
By Brian Monroe
printA London bank in talks with the United States for potential violations over its economic sanctions compliance program spent $150 million in 2010 on related transaction reviews and upgrades. The disclosure by Standard Chartered PLC earlier this month in an annual financial report follows a March 2010 admission by the bank that it had contacted U.S. officials about the potential violations after U.S. agencies launched sanctions cases against other financial institutions. The bank has not elaborated except to say in regulatory reports that the related transactions predominantly involved Iranian business. The U.S. Justice Department is "taking depositions now" from Standard...
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