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Standard Chartered to pay $327 million in Iran fines

  • Standard Chartered is to pay $327 million to settle claims that it did not comply with American sanctions against Iran, Myanmar, Libya and Sudan.

    On Monday, the British bank was fined $100 million by the Federal Reserve and must also pay the Department of Justice $227 million, the regulators said.

    The amount is in addition to the $340 million it paid to New York's Department of Financial Services (DFS) earlier this year.

    The DFS had accused the London-based bank of hiding 60,000 transactions with Iran and Sudan worth some $250 million over the past decade.

    Standard Chartered was accused of falsifying Swift wire payment directions by wiping out the message of unwanted data that showed the clients were Iranian.

    The bank has admitted that some of its transactions did violate U.S. sanctions but that the amount was only 300 transactions, which were worth about $14 million.