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Standard Chartered Bank to pay $1.1B for sanctions violations

Jaclyn Jaeger | April 9, 2019

Standard Chartered Bank, a U.K.-based financial institution, will pay a total of $1.1 billion in a global settlement for sanctions violations.

Under the terms of the resolutions, Standard Chartered will pay a total of $947 million in monetary penalties to the U.S. government agencies and £102 million to the U.K. Financial Conduct Authority. The bank took a $900 million provision, which included these matters in the fourth quarter of 2018 and will take a further and final charge of $190 million in the first quarter of 2019, the company announced.

Standard Chartered’s deferred prosecution agreements (DPAs) with the Department of Justice and the New York County District Attorney’s Office have been extended to April 9, 2021. The resolutions include no new compliance monitorships, and the monitorships previously imposed by the DFS and the Justice Department were terminated on Dec. 31, 2018, and...

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