Home » Supplement » Banking
StanChart in fresh US probe over Iran
Print Edition
US authorities are investigating whether Standard Chartered breached Iran-related compliance rules as recently as 2013, a year after it settled with them over earlier allegations of breaches and pledged to improve internal controls.
Standard Chartered’s chief executive Bill Winters said in a memo to senior staff addressing recent media reports, that “the vast majority of the payments under investigation pre-date 2012, and none occurred after 2014,” in the first public acknowledgement by the bank of the later time frame.
Media reports last week said that London-based Standard Chartered faced a possible US$1.5 billion fine for Iran-related sanctions violations, in addition to the US$667 million it paid in 2012 to settle alleged breaches between 2001 and 2007.
The investigation now underway focuses on breaches after 2007, with special emphasis on whether the US authorities were fully informed about the bank’s dealings with Iranian clients at the time of the 2012 settlement.
A spokesman for Standard Chartered confirmed the contents of yesterday’s memo, which was sent to hundreds of Standard Chartered’s senior managers, but declined to comment further.
The memo from Winters also addresses media coverage of Standard Chartered’s attempts to improve its financial crime controls.
“We have been cooperating with an investigation related to historical conduct and control issues,” he said.
“Resolving this legacy matter remains a key priority.
“It has been a long process, which cannot be helped.”
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
