Home AML Sanctions and Fines Standard Chartered Fined $1.1 Billion for Violating Sanctions and Anti-Money Laundering Laws

Standard Chartered Fined $1.1 Billion for Violating Sanctions and Anti-Money Laundering Laws

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April 9 2019

The British bank Standard Chartered has agreed to pay $1.1 billion to settle allegations by the authorities in the United States and Britain that it violated money-laundering laws and economic sanctions.

The authorities, including the Treasury and Department of Justice as well as New York State regulators and prosecutors, said that Standard Chartered had for years processed hundreds of millions of dollars in transactions from countries barred from participating in the American financial system, including Cuba, Iran, Sudan and Syria. Standard Chartered, which is based in London, has extensive operations in Africa and Asia, including the Middle East.